Zymeworks (NYSE:ZYME) Trading Up 7% - Here's What Happened

Zymeworks Inc. (NYSE:ZYME - Get Free Report)'s share price shot up 7% on Thursday . The company traded as high as $14.26 and last traded at $14.46. 43,350 shares changed hands during trading, a decline of 92% from the average session volume of 574,926 shares. The stock had previously closed at $13.52.

Wall Street Analyst Weigh In

A number of research firms recently commented on ZYME. HC Wainwright reiterated a "neutral" rating and issued a $13.00 price target on shares of Zymeworks in a research note on Thursday, July 3rd. TD Securities assumed coverage on Zymeworks in a report on Tuesday, May 20th. They issued a "buy" rating on the stock. Finally, TD Cowen initiated coverage on shares of Zymeworks in a report on Tuesday, May 20th. They set a "buy" rating on the stock. Two 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.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $21.00.

Zymeworks Trading Up 0.5%

The company has a market cap of $997.86 million, a price-to-earnings ratio of -9.55 and a beta of 1.19. The stock's 50-day moving average is $12.46 and its 200-day moving average is $12.78.

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

Insider Buying and Selling

In related news, Director Ecor1 Capital, Llc purchased 5,919 shares of the firm's stock in a transaction on Monday, May 19th. The stock was bought at an average cost of $11.78 per share, with a total value of $69,725.82. Following the completion of the acquisition, the director owned 17,883,908 shares of the company's stock, valued at $210,672,436.24. The trade was a 0.03% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Zymeworks

A number of hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC grew its stake in shares of Zymeworks by 12.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,567 shares of the company's stock valued at $138,000 after purchasing an additional 1,300 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Zymeworks by 0.4% during the 4th quarter. Nuveen Asset Management LLC now owns 207,023 shares of the company's stock worth $3,031,000 after purchasing an additional 886 shares during the period. MetLife Investment Management LLC raised its holdings in Zymeworks by 6.4% in the fourth quarter. MetLife Investment Management LLC now owns 33,946 shares of the company's stock valued at $497,000 after buying an additional 2,053 shares during the period. SG Americas Securities LLC boosted its position in Zymeworks by 266.5% during the 1st quarter. SG Americas Securities LLC now owns 98,165 shares of the company's stock worth $1,169,000 after purchasing an additional 71,383 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Zymeworks in the fourth quarter worth about $888,000. 92.89% of the stock is currently 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.