Vestal Point Capital LP Buys 315,000 Shares of Zymeworks Inc. $ZYME

Key Points

• Vestal Point Capital LP increased its stake in Zymeworks Inc. by 170.3%, acquiring an additional 315,000 shares, resulting in ownership of 500,000 shares valued at approximately $5.96 million.
• Analysts have set an average target price of $21.43 for Zymeworks, with several firms issuing ratings ranging from "Buy" to "Neutral."
• Zymeworks reported strong quarterly financial results, with a revenue increase of 153.2% year-over-year, totaling $48.73 million, and an earnings per share of $0.03 compared to a loss of ($0.49) from the same quarter last year.

Vestal Point Capital LP increased its position in shares of Zymeworks Inc. (NYSE:ZYME - Free Report) by 170.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 500,000 shares of the company's stock after purchasing an additional 315,000 shares during the quarter. Vestal Point Capital LP owned 0.72% of Zymeworks worth $5,955,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of ZYME. Deutsche Bank AG lifted its holdings in shares of Zymeworks by 0.4% in the 1st quarter. Deutsche Bank AG now owns 1,552,612 shares of the company's stock worth $18,492,000 after purchasing an additional 5,840 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Zymeworks by 14.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 972,742 shares of the company's stock valued at $14,240,000 after buying an additional 123,240 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in Zymeworks by 2.3% in the fourth quarter. Bridgeway Capital Management LLC now owns 759,653 shares of the company's stock valued at $11,121,000 after buying an additional 17,092 shares during the last quarter. Blackstone Inc. boosted its holdings in shares of Zymeworks by 2,171.4% during the fourth quarter. Blackstone Inc. now owns 569,715 shares of the company's stock valued at $8,341,000 after acquiring an additional 544,633 shares during the period. Finally, Northern Trust Corp grew its position in shares of Zymeworks by 6.4% during the fourth quarter. Northern Trust Corp now owns 394,830 shares of the company's stock worth $5,780,000 after acquiring an additional 23,903 shares during the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

Zymeworks Stock Performance

Shares of NYSE:ZYME traded up $0.97 during midday trading on Friday, reaching $15.05. The company had a trading volume of 627,107 shares, compared to its average volume of 528,693. The company has a fifty day simple moving average of $13.63 and a two-hundred day simple moving average of $12.66. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of -10.03 and a beta of 1.27. Zymeworks Inc. has a 1-year low of $9.03 and a 1-year high of $17.70.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on ZYME shares. TD Securities initiated coverage on Zymeworks in a report on Tuesday, May 20th. They issued a "buy" rating for the company. Citigroup boosted their price target on Zymeworks from $19.00 to $22.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. TD Cowen began coverage on shares of Zymeworks in a research note on Tuesday, May 20th. They set a "buy" rating on the stock. Finally, HC Wainwright reiterated a "neutral" rating and issued a $13.00 target price on shares of Zymeworks in a research report on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $21.43.

About Zymeworks

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.