Zymeworks Inc. $ZYME Shares Sold by Redmile Group LLC

Key Points

• Redmile Group LLC has reduced its stake in Zymeworks Inc. (NYSE: ZYME) by 1.1%, now holding approximately 4.79 million shares, making it the fund's fourth largest holding.
• Zymeworks reported a positive quarterly earnings surprise with an EPS of $0.03, exceeding analyst estimates of ($0.52) and showing a 153.2% increase in revenue year-over-year.
• The company is currently rated as a "Moderate Buy" by analysts, with an average price target of $21.43, indicating optimistic expectations for its stock performance.

Redmile Group LLC decreased its holdings in shares of Zymeworks Inc. (NYSE:ZYME - Free Report) by 1.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,788,945 shares of the company's stock after selling 51,518 shares during the quarter. Zymeworks comprises about 5.4% of Redmile Group LLC's investment portfolio, making the stock its 4th largest position. Redmile Group LLC owned about 6.88% of Zymeworks worth $57,036,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CWM LLC raised its stake in shares of 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 acquiring an additional 2,106 shares during the period. GAMMA Investing LLC increased its position in Zymeworks by 1,113.3% during the 1st quarter. GAMMA Investing LLC now owns 6,467 shares of the company's stock valued at $77,000 after purchasing an additional 5,934 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of Zymeworks in the 4th quarter valued at about $108,000. Northwest & Ethical Investments L.P. boosted its holdings in shares of Zymeworks by 83.3% in the 1st quarter. Northwest & Ethical Investments L.P. now owns 10,030 shares of the company's stock valued at $119,000 after buying an additional 4,559 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in shares of 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 acquiring an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 92.89% of the company's stock.

Zymeworks Stock Up 6.9%

ZYME stock traded up $0.97 during mid-day trading on Friday, hitting $15.05. 627,107 shares of the company were exchanged, compared to its average volume of 528,693. The firm has a market capitalization of $1.13 billion, a P/E ratio of -10.03 and a beta of 1.27. The business has a fifty day simple moving average of $13.63 and a 200-day simple moving average of $12.66. Zymeworks Inc. has a 12-month low of $9.03 and a 12-month high of $17.70.

Zymeworks (NYSE:ZYME - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate 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 net margin of 182.75% and a negative return on equity of 23.00%. Zymeworks's revenue was up 153.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.49) earnings per share. Research analysts predict that Zymeworks Inc. will post -1.39 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Zymeworks 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.