Zymeworks Inc. $ZYME Shares Sold by Vanguard Group Inc.

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 position in shares of Zymeworks Inc. (NYSE:ZYME - Free Report) by 29.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,767,041 shares of the company's stock after selling 726,247 shares during the quarter. Vanguard Group Inc. owned about 2.54% of Zymeworks worth $21,045,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. CWM LLC grew its holdings in shares of Zymeworks by 1,091.2% during the 1st quarter. CWM LLC now owns 2,299 shares of the company's stock worth $27,000 after purchasing an additional 2,106 shares during the period. GAMMA Investing LLC raised its holdings in Zymeworks by 1,113.3% in the first quarter. GAMMA Investing LLC now owns 6,467 shares of the company's stock valued at $77,000 after buying an additional 5,934 shares during the period. BNP Paribas Financial Markets acquired a new position in Zymeworks during the fourth quarter valued at approximately $108,000. Janney Montgomery Scott LLC grew its stake in Zymeworks by 12.7% during the first quarter. Janney Montgomery Scott LLC now owns 11,567 shares of the company's stock worth $138,000 after buying an additional 1,300 shares during the period. Finally, Tower Research Capital LLC TRC grew its stake in Zymeworks by 343.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 9,704 shares of the company's stock worth $142,000 after buying an additional 7,518 shares during the period. 92.89% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ZYME shares. TD Securities initiated coverage on shares of Zymeworks in a research note on Tuesday, May 20th. They issued a "buy" rating on the stock. HC Wainwright reissued a "neutral" rating and issued a $13.00 price objective on shares of Zymeworks in a research report on Thursday, July 3rd. TD Cowen initiated coverage on Zymeworks in a research note on Tuesday, May 20th. They set a "buy" rating on the stock. Finally, Citigroup increased their target price on Zymeworks from $19.00 to $22.00 and gave the company a "buy" rating in a research note on Monday, August 11th. One investment 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $21.43.

Zymeworks Stock Performance

Shares of NYSE:ZYME traded down $0.06 during trading on Thursday, hitting $14.08. The company's stock had a trading volume of 428,683 shares, compared to its average volume of 528,108. The company has a market capitalization of $1.06 billion, a PE ratio of -9.39 and a beta of 1.27. Zymeworks Inc. has a fifty-two week low of $9.03 and a fifty-two week high of $17.70. The stock's 50-day moving average price is $13.58 and its two-hundred day moving average price is $12.66.

Zymeworks (NYSE:ZYME - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.03 earnings per share (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 company had revenue of $48.73 million for the quarter, compared to the consensus estimate of $17.18 million. During the same period in the previous year, the business earned ($0.49) EPS. Zymeworks's revenue for the quarter was up 153.2% compared to the same quarter last year. On average, equities analysts predict 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.