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

Zymeworks Inc. (NYSE:ZYME) gapped down prior to trading on Thursday . The stock had previously closed at $13.18, but opened at $12.44. Zymeworks shares last traded at $12.12, with a volume of 123,050 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ZYME shares. Wells Fargo & Company increased their target price on shares of Zymeworks from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 19th. JPMorgan Chase & Co. raised Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective for the company in a research report on Monday, December 16th. Citigroup upped their target price on shares of Zymeworks from $18.00 to $19.00 and gave the company a “buy” rating in a research note on Friday. Finally, HC Wainwright restated a “neutral” rating and issued a $12.00 price target on shares of Zymeworks in a research report on Friday, November 22nd. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.33.

Zymeworks Stock Performance

The firm’s 50-day moving average price is $14.19 and its two-hundred day moving average price is $13.61. The firm has a market capitalization of $826.54 million, a price-to-earnings ratio of -8.00 and a beta of 1.13.

Insider Buying and Selling at Zymeworks

In other news, insider Paul Andrew Moore sold 21,200 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $14.92, for a total transaction of $316,304.00. Following the sale, the insider now owns 14,741 shares in the company, valued at approximately $219,935.72. This represents a 58.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ecor1 Capital, Llc purchased 11,958 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The stock was acquired at an average cost of $14.12 per share, with a total value of $168,846.96. Following the completion of the acquisition, the director now directly owns 14,704,239 shares of the company’s stock, valued at $207,623,854.68. The trade was a 0.08 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 603,539 shares of company stock worth $8,384,708 and have sold 89,601 shares worth $1,336,847. Company insiders own 1.92% of the company’s stock.

Institutional Trading of Zymeworks

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sterling Capital Management LLC boosted its position in Zymeworks by 781.5% in the 4th quarter. Sterling Capital Management LLC now owns 1,719 shares of the company’s stock valued at $25,000 after buying an additional 1,524 shares during the last quarter. AlphaQuest LLC lifted its stake in shares of Zymeworks by 480.2% during the fourth quarter. AlphaQuest LLC now owns 2,808 shares of the company’s stock valued at $41,000 after acquiring an additional 2,324 shares during the period. FMR LLC boosted its holdings in Zymeworks by 84.2% in the third quarter. FMR LLC now owns 3,336 shares of the company’s stock valued at $42,000 after acquiring an additional 1,525 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in Zymeworks during the 4th quarter worth about $108,000. Finally, Tower Research Capital LLC TRC grew its position in shares of Zymeworks by 343.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 9,704 shares of the company’s stock worth $142,000 after buying an additional 7,518 shares during the period. Institutional investors and hedge funds 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.