Vanguard Group Inc. Cuts Position in Zymeworks Inc. $ZYME

Key Points

• Vanguard Group Inc. has reduced its stake in Zymeworks Inc. by 29.1%, owning approximately 1,767,041 shares worth $21,045,000 after selling 726,247 shares in the first quarter.
• Other hedge funds have also made significant changes to their holdings, with CWM LLC increasing its position by over 1,000% during the same period.
• Zymeworks reported improved results in its latest earnings, with a revenue increase of 153.2% year-over-year, and an earnings per share of $0.03, exceeding analysts' expectations.

Vanguard Group Inc. cut its stake in shares of Zymeworks Inc. (NYSE:ZYME - Free Report) by 29.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,767,041 shares of the company's stock after selling 726,247 shares during the quarter. Vanguard Group Inc. owned approximately 2.54% of Zymeworks worth $21,045,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ZYME. Nuveen Asset Management LLC boosted its holdings in Zymeworks by 0.4% in the fourth quarter. Nuveen Asset Management LLC now owns 207,023 shares of the company's stock valued at $3,031,000 after purchasing an additional 886 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in Zymeworks by 12.7% in the first quarter. Janney Montgomery Scott LLC now owns 11,567 shares of the company's stock valued at $138,000 after purchasing an additional 1,300 shares in the last quarter. Picton Mahoney Asset Management boosted its holdings in Zymeworks by 0.7% in the first quarter. Picton Mahoney Asset Management now owns 208,029 shares of the company's stock valued at $2,477,000 after purchasing an additional 1,460 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in Zymeworks by 6.4% in the fourth quarter. MetLife Investment Management LLC now owns 33,946 shares of the company's stock valued at $497,000 after purchasing an additional 2,053 shares in the last quarter. Finally, CWM LLC boosted its holdings in Zymeworks by 1,091.2% in the first quarter. CWM LLC now owns 2,299 shares of the company's stock valued at $27,000 after purchasing an additional 2,106 shares in the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on ZYME shares. TD Cowen started coverage on Zymeworks in a report on Tuesday, May 20th. They issued a "buy" rating for the company. Citigroup increased their price objective on Zymeworks from $19.00 to $22.00 and gave the company a "buy" rating in a report on Monday, August 11th. HC Wainwright reissued a "neutral" rating and issued a $13.00 price objective on shares of Zymeworks in a report on Thursday, July 3rd. Finally, TD Securities started coverage on Zymeworks in a report on Tuesday, May 20th. They issued a "buy" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $21.43.

Zymeworks Trading Down 0.2%

Shares of Zymeworks stock traded down $0.03 during trading hours on Monday, hitting $14.81. 314,217 shares of the company were exchanged, compared to its average volume of 526,977. Zymeworks Inc. has a 1 year low of $9.03 and a 1 year high of $17.70. The business has a 50-day moving average of $13.50 and a 200-day moving average of $12.65. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of -9.87 and a beta of 1.26.

Zymeworks (NYSE:ZYME - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.52) by $0.55. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%.The business had revenue of $48.73 million during the quarter, compared to analysts' expectations of $17.18 million. During the same quarter in the prior year, the business earned ($0.49) earnings per share. The company's quarterly revenue was up 153.2% compared to the same quarter last year. As a group, research analysts anticipate that Zymeworks Inc. will post -1.39 earnings per share for the current fiscal year.

Zymeworks Company Profile

Zymeworks Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company's lead product candidates include zanidatamab, a human epidermal growth factor receptor 2 (HER2) that is in Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.