Insider Selling: Zymeworks (NYSE:ZYME) CEO Sells $1,364,009.30 in Stock

Zymeworks Inc. (NYSE:ZYME) CEO Kenneth Galbraith sold 54,343 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $25.10, for a total value of $1,364,009.30. Following the transaction, the chief executive officer owned 158,286 shares of the company’s stock, valued at approximately $3,972,978.60. This trade represents a 25.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Kenneth Galbraith also recently made the following trade(s):

• On Monday, December 22nd, Kenneth Galbraith sold 47,528 shares of Zymeworks stock. The shares were sold at an average price of $27.02, for a total value of $1,284,206.56.

Zymeworks Trading Up 2.8%

Shares of Zymeworks stock opened at $24.85 on Thursday. Zymeworks Inc. has a 1 year low of $9.03 and a 1 year high of $28.49. The company’s fifty day simple moving average is $24.07 and its 200-day simple moving average is $18.16. The company has a market cap of $1.86 billion, a price-to-earnings ratio of -16.57 and a beta of 1.30.

Zymeworks (NYSE:ZYME) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.02. The firm had revenue of $27.61 million during the quarter, compared to the consensus estimate of $33.69 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The business’s revenue was up 72.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.39) EPS. As a group, research analysts forecast that Zymeworks Inc. will post -1.39 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ZYME. Truist Financial began coverage on Zymeworks in a research note on Wednesday, December 17th. They set a “buy” rating and a $40.00 price target on the stock. Wells Fargo & Company upgraded Zymeworks from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $25.00 to $33.00 in a research report on Friday, December 12th. JPMorgan Chase & Co. boosted their price objective on Zymeworks from $20.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Leerink Partners set a $37.00 target price on Zymeworks in a research note on Monday, November 17th. Finally, JMP Securities set a $32.00 price target on shares of Zymeworks in a research note on Wednesday, December 3rd. Eleven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Zymeworks currently has a consensus rating of “Buy” and an average target price of $32.82.

Institutional Trading of Zymeworks

Several institutional investors have recently bought and sold shares of the stock. Optiver Holding B.V. acquired a new position in Zymeworks during the third quarter worth $26,000. Quarry LP bought a new stake in shares of Zymeworks in the 3rd quarter worth about $50,000. Tower Research Capital LLC TRC increased its position in shares of Zymeworks by 29.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock worth $62,000 after purchasing an additional 1,131 shares in the last quarter. CWM LLC lifted its holdings in Zymeworks by 272.8% during the 2nd quarter. CWM LLC now owns 8,570 shares of the company’s stock valued at $108,000 after purchasing an additional 6,271 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in Zymeworks by 157.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company’s stock valued at $129,000 after purchasing an additional 6,307 shares during the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.

Zymeworks Company Profile

Zymeworks Inc is a clinical-stage biopharmaceutical company headquartered in Vancouver, British Columbia, with a focus on the discovery, development and commercialization of multifunctional biotherapeutics. Founded in 2003, the company applies proprietary protein engineering platforms to create novel antibody and protein-based therapies targeting oncology and other serious diseases. Zymeworks is publicly traded on the New York Stock Exchange under the symbol ZYME.

The company’s core technology platforms include Azymetric®, which enables the design of bispecific antibodies capable of engaging two distinct targets simultaneously, and the EFECT™ platform for fine-tuning antibody-drug conjugate properties.