Granahan Investment Management LLC Trims Stock Holdings in Zymeworks Inc. $ZYME

Granahan Investment Management LLC lessened its stake in shares of Zymeworks Inc. (NASDAQ:ZYME) by 35.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 224,408 shares of the company’s stock after selling 120,923 shares during the quarter. Granahan Investment Management LLC’s holdings in Zymeworks were worth $5,909,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Kornitzer Capital Management Inc. KS purchased a new stake in shares of Zymeworks during the fourth quarter worth approximately $2,338,000. Vanguard Group Inc. raised its stake in shares of Zymeworks by 8.1% during the fourth quarter. Vanguard Group Inc. now owns 2,328,727 shares of the company’s stock worth $61,315,000 after purchasing an additional 174,293 shares during the last quarter. Capricorn Fund Managers Ltd purchased a new stake in shares of Zymeworks during the fourth quarter worth approximately $26,931,000. Pictet Asset Management Holding SA purchased a new stake in shares of Zymeworks during the fourth quarter worth approximately $1,966,000. Finally, UBS Group AG raised its stake in shares of Zymeworks by 437.9% during the fourth quarter. UBS Group AG now owns 278,854 shares of the company’s stock worth $7,342,000 after purchasing an additional 227,013 shares during the last quarter. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Zymeworks Price Performance

Shares of ZYME stock opened at $22.49 on Wednesday. The business’s fifty day moving average price is $25.60 and its 200 day moving average price is $24.87. Zymeworks Inc. has a 1-year low of $11.51 and a 1-year high of $29.75. The firm has a market capitalization of $1.64 billion, a PE ratio of -16.42 and a beta of 1.15.

Zymeworks (NASDAQ:ZYME) last announced its quarterly earnings data on Tuesday, March 31st. The company reported ($0.59) earnings per share for the quarter. Zymeworks had a negative return on equity of 37.97% and a negative net margin of 126.92%.The business had revenue of $2.41 million for the quarter. Equities research analysts expect that Zymeworks Inc. will post 1.1 earnings per share for the current fiscal year.

Zymeworks announced that its board has authorized a stock buyback plan on Thursday, May 14th that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Truist Financial set a $28.00 price target on Zymeworks and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Leerink Partners upped their price target on Zymeworks from $52.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 3rd. HC Wainwright restated a “buy” rating and set a $46.00 price target on shares of Zymeworks in a research note on Wednesday, June 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Zymeworks in a research note on Monday, April 20th. Finally, Wells Fargo & Company upped their price target on Zymeworks from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $36.67.

About Zymeworks

Zymeworks Inc is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics. The company specializes in engineered antibody and protein therapeutics designed to address a range of unmet medical needs in oncology and other serious diseases. Through its proprietary platforms, Zymeworks aims to create novel bispecific and multispecific molecules that can simultaneously engage multiple targets and recruit immune effector functions to enhance potency and specificity.

At the core of Zymeworks’ innovation is its Azymetric™ bispecific antibody platform, which enables the design of asymmetrical bispecific antibodies with controlled assembly and high stability.