Zymeworks (NASDAQ:ZYME) EVP Adam Schayowitz Sells 13,832 Shares of Stock

Zymeworks Inc. (NASDAQ:ZYME) EVP Adam Schayowitz sold 13,832 shares of the firm’s stock in a transaction that occurred on Friday, October 9th. The shares were sold at an average price of $25.85, for a total transaction of $357,557.20. Following the sale, the executive vice president directly owned 23,205 shares of the company’s stock, valued at $599,849.25. This trade represents a 37.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Zymeworks Stock Up 2.1%

Shares of Zymeworks stock traded up $0.53 on Friday, reaching $25.79. The company’s stock had a trading volume of 491,135 shares, compared to its average volume of 708,974. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of -12.77 and a beta of 1.17. The firm’s fifty day simple moving average is $26.56 and its two-hundred day simple moving average is $25.60. Zymeworks Inc. has a 52 week low of $16.00 and a 52 week high of $31.34.

Zymeworks (NASDAQ:ZYME) last announced its quarterly earnings results on Friday, August 7th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.06). Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The business had revenue of $3.23 million for the quarter, compared to the consensus estimate of $4.54 million. During the same period in the previous year, the company earned $0.03 earnings per share. The company’s revenue for the quarter was down 90.6% compared to the same quarter last year. As a group, research analysts predict that Zymeworks Inc. will post 1.2 EPS for the current year.

Analyst Upgrades and Downgrades

ZYME has been the topic of several research analyst reports. Citizens Jmp restated a “market outperform” rating and set a $32.00 target price on shares of Zymeworks in a research note on Wednesday, August 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Zymeworks in a report on Friday, July 17th. Wolfe Research started coverage on shares of Zymeworks in a research report on Thursday, September 17th. They set an “outperform” rating on the stock. Truist Financial increased their price objective on shares of Zymeworks from $32.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, HC Wainwright raised their target price on shares of Zymeworks from $51.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, August 26th. Eleven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Zymeworks has an average rating of “Moderate Buy” and an average price target of $40.64.

Institutional Trading of Zymeworks

Several hedge funds have recently bought and sold shares of ZYME. Janney Montgomery Scott LLC increased its holdings in shares of Zymeworks by 3.8% in the first quarter. Janney Montgomery Scott LLC now owns 11,487 shares of the company’s stock worth $288,000 after purchasing an additional 420 shares during the last quarter. Tema ETFs LLC grew its holdings in Zymeworks by 0.7% during the 2nd quarter. Tema ETFs LLC now owns 105,615 shares of the company’s stock valued at $2,761,000 after buying an additional 684 shares in the last quarter. Tidal Investments LLC grew its holdings in Zymeworks by 0.7% during the 2nd quarter. Tidal Investments LLC now owns 105,615 shares of the company’s stock valued at $2,761,000 after buying an additional 684 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Zymeworks by 10.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,507 shares of the company’s stock worth $221,000 after acquiring an additional 800 shares during the last quarter. Finally, Nykredit A S bought a new stake in Zymeworks in the 2nd quarter worth approximately $25,000. Institutional investors own 92.89% of the company’s stock.

About Zymeworks

Zymeworks Inc (NASDAQ: ZYME) is a biopharmaceutical company focused on discovering, developing and commercializing engineered antibody-based therapeutics for cancer and other serious diseases. The company’s technologies are designed to create bispecific and multispecific antibodies, as well as antibody-drug conjugates that can target tumor cells and deliver therapeutic payloads.

Zymeworks’ leading product is zanidatamab, marketed in the United States as Ziihera. The bispecific antibody targets two separate sites on the HER2 protein and received U.S.