Zymeworks Inc. (NYSE:ZYME) Shares Sold by Redmile Group LLC

Redmile Group LLC trimmed its position in shares of Zymeworks Inc. (NYSE:ZYME) by 4.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,560,798 shares of the company’s stock after selling 229,432 shares during the quarter. Zymeworks makes up about 2.1% of Redmile Group LLC’s portfolio, making the stock its 15th biggest holding. Redmile Group LLC owned 7.86% of Zymeworks worth $58,500,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. AlphaMark Advisors LLC acquired a new stake in Zymeworks in the first quarter valued at approximately $32,000. New York State Teachers Retirement System acquired a new position in shares of Zymeworks during the fourth quarter valued at approximately $50,000. AJOVista LLC acquired a new stake in shares of Zymeworks in the fourth quarter worth approximately $66,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Zymeworks during the fourth quarter worth approximately $84,000. Finally, Tocqueville Asset Management L.P. purchased a new stake in shares of Zymeworks during the first quarter worth approximately $117,000. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Zymeworks Price Performance

Shares of ZYME stock traded down $0.15 during trading on Monday, hitting $10.60. 222,497 shares of the stock traded hands, compared to its average volume of 606,292. Zymeworks Inc. has a 52-week low of $6.01 and a 52-week high of $13.14. The firm has a market capitalization of $749.47 million, a P/E ratio of -5.92 and a beta of 1.15. The firm’s fifty day moving average price is $9.12 and its 200-day moving average price is $9.89.

Zymeworks (NYSE:ZYME) last posted its earnings results on Thursday, May 2nd. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.11). The business had revenue of $10.03 million during the quarter, compared to analysts’ expectations of $17.98 million. Zymeworks had a negative net margin of 249.63% and a negative return on equity of 28.37%. As a group, equities research analysts expect that Zymeworks Inc. will post -1.24 earnings per share for the current year.

Analysts Set New Price Targets

ZYME has been the subject of a number of research reports. HC Wainwright reaffirmed a “neutral” rating and set a $10.00 target price on shares of Zymeworks in a report on Thursday, June 6th. Citigroup cut their price target on Zymeworks from $17.00 to $16.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Finally, Wells Fargo & Company dropped their target price on Zymeworks from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, May 3rd.

Zymeworks Company Profile

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.