Zymeworks (NYSE:ZYME) Shares Down 7.6% – Here’s Why

Zymeworks Inc. (NYSE:ZYME) shares were down 7.6% during mid-day trading on Monday . The stock traded as low as $9.71 and last traded at $10.11. Approximately 333,969 shares were traded during trading, a decline of 45% from the average daily volume of 602,558 shares. The stock had previously closed at $10.95.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wells Fargo & Company raised their price target on shares of Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, December 19th. Citigroup boosted their target price on Zymeworks from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. JPMorgan Chase & Co. upgraded Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price target on the stock in a report on Monday, December 16th. Lifesci Capital began coverage on Zymeworks in a research note on Tuesday, March 11th. They issued an “outperform” rating and a $30.00 price objective for the company. Finally, HC Wainwright upped their target price on shares of Zymeworks from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.00.

Zymeworks Stock Down 4.7 %

The firm’s fifty day moving average is $13.23 and its 200-day moving average is $13.69. The stock has a market capitalization of $725.69 million, a PE ratio of -6.95 and a beta of 1.18.

Insiders Place Their Bets

In other news, Director Ecor1 Capital, Llc purchased 21,021 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The shares were acquired at an average price of $14.07 per share, with a total value of $295,765.47. Following the purchase, the director now directly owns 15,206,980 shares of the company’s stock, valued at $213,962,208.60. The trade was a 0.14 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders have purchased 1,634,415 shares of company stock worth $20,100,990. Corporate insiders own 1.92% of the company’s stock.

Institutional Trading of Zymeworks

Several large investors have recently bought and sold shares of ZYME. Charles Schwab Investment Management Inc. boosted its position in shares of Zymeworks by 0.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 132,798 shares of the company’s stock worth $1,667,000 after buying an additional 650 shares in the last quarter. FMR LLC lifted its holdings in shares of 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 purchasing an additional 1,525 shares in the last quarter. Stifel Financial Corp lifted its holdings in shares of Zymeworks by 2.1% in the third quarter. Stifel Financial Corp now owns 73,654 shares of the company’s stock valued at $924,000 after purchasing an additional 1,540 shares in the last quarter. State Street Corp grew its position in shares of Zymeworks by 6.1% in the third quarter. State Street Corp now owns 1,171,777 shares of the company’s stock valued at $14,706,000 after purchasing an additional 67,401 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in shares of Zymeworks by 27.3% during the 3rd quarter. Jane Street Group LLC now owns 80,326 shares of the company’s stock worth $1,008,000 after purchasing an additional 17,205 shares in the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.

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.