Vestal Point Capital LP Sells 430,000 Shares of Zymeworks Inc. (NYSE:ZYME)

Vestal Point Capital LP lessened its stake in shares of Zymeworks Inc. (NYSE:ZYME - Free Report) by 69.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 185,000 shares of the company's stock after selling 430,000 shares during the quarter. Vestal Point Capital LP owned about 0.27% of Zymeworks worth $2,708,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Barclays PLC grew its holdings in shares of Zymeworks by 476.3% during the third quarter. Barclays PLC now owns 154,384 shares of the company's stock worth $1,937,000 after purchasing an additional 127,595 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Zymeworks by 93.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 642,251 shares of the company's stock worth $9,403,000 after purchasing an additional 311,107 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of Zymeworks by 6.4% during the fourth quarter. MetLife Investment Management LLC now owns 33,946 shares of the company's stock worth $497,000 after purchasing an additional 2,053 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Zymeworks by 18.1% during the fourth quarter. Rhumbline Advisers now owns 103,876 shares of the company's stock worth $1,521,000 after purchasing an additional 15,920 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Zymeworks during the fourth quarter worth about $888,000. Hedge funds and other institutional investors own 92.89% of the company's stock.

Zymeworks Trading Up 0.5%

ZYME stock traded up $0.06 during midday trading on Friday, hitting $11.54. The company had a trading volume of 349,420 shares, compared to its average volume of 599,455. Zymeworks Inc. has a 52 week low of $8.21 and a 52 week high of $17.70. The stock's 50 day moving average price is $11.76 and its 200 day moving average price is $13.31. The stock has a market cap of $802.92 million, a price-to-earnings ratio of -7.69 and a beta of 1.24.

Zymeworks (NYSE:ZYME - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.15. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The firm had revenue of $27.11 million during the quarter, compared to the consensus estimate of $20.65 million. During the same quarter in the previous year, the company posted ($0.42) earnings per share. The business's revenue was up 170.3% on a year-over-year basis. Analysts predict that Zymeworks Inc. will post -1.39 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on ZYME. Citigroup upped their target price on Zymeworks from $18.00 to $19.00 and gave the stock a "buy" rating in a research note on Friday, March 7th. TD Cowen began coverage on Zymeworks in a research note on Tuesday. They issued a "buy" rating for the company. HC Wainwright upped their target price on Zymeworks from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Monday, March 10th. Lifesci Capital began coverage on Zymeworks in a research note on Tuesday, March 11th. They issued an "outperform" rating and a $30.00 target price for the company. Finally, TD Securities began coverage on Zymeworks in a research note on Tuesday. They issued a "buy" rating for the company. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $21.00.

Insider Buying and Selling at Zymeworks

In other Zymeworks news, Director Ecor1 Capital, Llc bought 4,397 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The stock was bought at an average price of $11.75 per share, for a total transaction of $51,664.75. Following the completion of the acquisition, the director now directly owns 17,259,548 shares in the company, valued at $202,799,689. The trade was a 0.03% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last 90 days, insiders purchased 1,405,768 shares of company stock worth $16,773,032. 1.92% of the stock is currently owned by insiders.

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.