Zymeworks (NYSE:ZYME) Shares Gap Down - Time to Sell?

Shares of Zymeworks Inc. (NYSE:ZYME - Get Free Report) 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 changing hands.

Analyst Upgrades and Downgrades

ZYME has been the subject of several recent research reports. TD Cowen initiated 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 Zymeworks from $18.00 to $19.00 and gave the company a "buy" rating in a research note on Friday, March 7th. HC Wainwright increased their target price on Zymeworks from $12.00 to $13.00 and gave the company a "neutral" rating in a report 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 price target on the stock. Finally, TD Securities began coverage on Zymeworks in a research note on Tuesday, May 20th. They set a "buy" rating for the company. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $21.00.

Zymeworks Stock Performance

The stock has a market capitalization of $880.15 million, a P/E ratio of -8.43 and a beta of 1.17. The stock has a 50-day moving average price of $11.80 and a two-hundred day moving average price of $12.94.

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

Insider Activity

In other news, Director Ecor1 Capital, Llc bought 58,306 shares of the firm's stock in a transaction dated Wednesday, March 19th. The stock was purchased at an average price of $12.64 per share, with a total value of $736,987.84. Following the transaction, the director now owns 17,030,604 shares of the company's stock, valued at approximately $215,266,834.56. The trade was a 0.34% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have purchased 560,445 shares of company stock valued at $6,554,954. Corporate insiders own 1.92% of the company's stock.

Institutional Investors Weigh In On Zymeworks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC boosted its holdings in shares of Zymeworks by 487.0% during the 1st quarter. Jane Street Group LLC now owns 135,763 shares of the company's stock valued at $1,617,000 after buying an additional 112,636 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Zymeworks by 184.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,879,945 shares of the company's stock worth $46,210,000 after acquiring an additional 2,514,834 shares in the last quarter. Empowered Funds LLC lifted its position in Zymeworks by 2.1% during the 1st quarter. Empowered Funds LLC now owns 360,044 shares of the company's stock valued at $4,288,000 after acquiring an additional 7,291 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Zymeworks by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company's stock worth $386,000 after acquiring an additional 1,427 shares in the last quarter. Finally, EcoR1 Capital LLC grew its holdings in Zymeworks by 14.8% in the first quarter. EcoR1 Capital LLC now owns 17,259,548 shares of the company's stock worth $205,561,000 after purchasing an additional 2,231,469 shares during the period. 92.89% of the stock is owned by hedge funds and other institutional investors.

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.