Zymeworks (NYSE:ZYME) Shares Gap Down - Should You Sell?

Zymeworks Inc. (NYSE:ZYME - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $13.10, but opened at $12.51. Zymeworks shares last traded at $12.53, with a volume of 101,317 shares trading hands.

Analyst Upgrades and Downgrades

ZYME has been the topic of a number of analyst reports. TD Cowen initiated coverage on Zymeworks in a research note on Tuesday, May 20th. They set a "buy" rating on the stock. TD Securities initiated coverage on Zymeworks in a research note on Tuesday, May 20th. They set a "buy" rating on the stock. HC Wainwright upped their target price on Zymeworks from $12.00 to $13.00 and gave the company a "neutral" rating in a research note on Monday, March 10th. Citigroup upped their target price on Zymeworks from $18.00 to $19.00 and gave the company a "buy" rating in a research note on Friday, March 7th. Finally, Lifesci Capital began coverage on Zymeworks in a research note on Tuesday, March 11th. They set an "outperform" rating and a $30.00 target price on the stock. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Zymeworks presently has an average rating of "Moderate Buy" and a consensus target price of $21.00.

Zymeworks Stock Down 3.3%

The company has a market cap of $881.54 million, a P/E ratio of -8.45 and a beta of 1.17. The firm has a 50 day moving average of $11.80 and a 200-day moving average of $12.96.

Zymeworks (NYSE:ZYME - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping 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 company had revenue of $27.11 million for the quarter, compared to analysts' expectations of $20.65 million. During the same quarter in the prior year, the firm earned ($0.42) earnings per share. Zymeworks's revenue was up 170.3% compared to the same quarter last year. On average, research analysts predict that Zymeworks Inc. will post -1.39 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Ecor1 Capital, Llc bought 5,919 shares of the stock in a transaction on Monday, May 19th. The stock was bought at an average price of $11.78 per share, for a total transaction of $69,725.82. Following the completion of the acquisition, the director now directly owns 17,883,908 shares in the company, valued at approximately $210,672,436.24. This represents a 0.03% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders purchased a total of 616,722 shares of company stock worth $7,243,221 over the last 90 days. Company insiders own 1.92% of the company's stock.

Institutional Trading of Zymeworks

A number of hedge funds have recently bought and sold shares of ZYME. Barclays PLC lifted its holdings in 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 buying an additional 127,595 shares during the period. Rhumbline Advisers lifted its holdings in shares of Zymeworks by 18.1% during the 4th quarter. Rhumbline Advisers now owns 103,876 shares of the company's stock valued at $1,521,000 after purchasing an additional 15,920 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Zymeworks by 42.7% during the 4th quarter. New York State Common Retirement Fund now owns 13,371 shares of the company's stock valued at $196,000 after purchasing an additional 4,000 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Zymeworks during the 4th quarter valued at $888,000. Finally, AlphaQuest LLC lifted its holdings in shares of Zymeworks by 480.2% during the 4th quarter. AlphaQuest LLC now owns 2,808 shares of the company's stock valued at $41,000 after purchasing an additional 2,324 shares during the last quarter. Hedge funds and other institutional investors own 92.89% of the company's stock.

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.