Persistent Asset Partners Ltd Acquires New Holdings in Zymeworks Inc. $ZYME

Persistent Asset Partners Ltd purchased a new stake in Zymeworks Inc. (NASDAQ:ZYME) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 35,935 shares of the company’s stock, valued at approximately $939,000.

Several other large investors have also recently modified their holdings of the business. Caitong International Asset Management Co. Ltd bought a new position in Zymeworks during the fourth quarter worth $37,000. Quarry LP acquired a new stake in Zymeworks during the 3rd quarter worth about $50,000. Tower Research Capital LLC TRC grew its holdings in 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 acquiring an additional 1,131 shares during the period. State of Wyoming bought a new position in shares of Zymeworks in the 2nd quarter worth about $73,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Zymeworks by 25.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company’s stock valued at $96,000 after purchasing an additional 731 shares during the period. Institutional investors own 92.89% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ZYME. Truist Financial upped their target price on Zymeworks from $31.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Citigroup restated a “buy” rating on shares of Zymeworks in a research note on Monday, August 10th. Stifel Nicolaus set a $46.00 price objective on shares of Zymeworks in a report on Friday, August 7th. B. Riley Financial reaffirmed a “buy” rating and issued a $44.00 price objective (up from $40.00) on shares of Zymeworks in a research note on Monday, August 10th. Finally, Wells Fargo & Company lifted their price objective on shares of Zymeworks from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.75.

Zymeworks Price Performance

ZYME stock opened at $25.12 on Monday. The stock has a 50-day simple moving average of $24.04 and a two-hundred day simple moving average of $24.51. Zymeworks Inc. has a twelve month low of $13.48 and a twelve month high of $29.75. The firm has a market capitalization of $1.78 billion, a PE ratio of -12.44 and a beta of 1.15.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings results on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.06). Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.The company had revenue of $3.23 million during the quarter, compared to analysts’ expectations of $4.54 million. During the same period in the prior year, the firm earned $0.03 EPS. Zymeworks’s quarterly revenue was down 90.6% on a year-over-year basis. On average, equities research analysts anticipate that Zymeworks Inc. will post 1.25 EPS for the current fiscal year.

Zymeworks declared that its Board of Directors has initiated a stock buyback program on Thursday, May 14th that allows the company to repurchase $125.00 million in shares. This repurchase authorization allows the company to repurchase up to 7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

Zymeworks Company Profile

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.