Redmile Group LLC Sells 638,318 Shares of Zymeworks Inc. $ZYME

Redmile Group LLC lowered its stake in shares of Zymeworks Inc. (NYSE:ZYME) by 13.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,150,627 shares of the company’s stock after selling 638,318 shares during the quarter. Zymeworks comprises about 5.5% of Redmile Group LLC’s holdings, making the stock its 3rd largest position. Redmile Group LLC owned 5.52% of Zymeworks worth $52,090,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Zymeworks by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company’s stock valued at $386,000 after purchasing an additional 1,427 shares during the period. Bank of Montreal Can boosted its holdings in shares of Zymeworks by 6.7% in the 2nd quarter. Bank of Montreal Can now owns 27,642 shares of the company’s stock valued at $347,000 after purchasing an additional 1,730 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Zymeworks by 1.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 133,639 shares of the company’s stock valued at $1,592,000 after purchasing an additional 2,333 shares during the last quarter. Prudential Financial Inc. grew its stake in shares of Zymeworks by 5.6% during the 2nd quarter. Prudential Financial Inc. now owns 44,965 shares of the company’s stock valued at $564,000 after buying an additional 2,395 shares during the period. Finally, Rhumbline Advisers increased its holdings in shares of Zymeworks by 4.0% during the 2nd quarter. Rhumbline Advisers now owns 86,083 shares of the company’s stock worth $1,080,000 after buying an additional 3,345 shares during the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on ZYME. Wells Fargo & Company upgraded Zymeworks from a “cautious” rating to an “overweight” rating and set a $33.00 target price on the stock in a report on Friday. Stifel Nicolaus raised their price target on shares of Zymeworks from $30.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, November 19th. JMP Securities set a $32.00 price objective on shares of Zymeworks in a research note on Wednesday, December 3rd. Citigroup assumed coverage on shares of Zymeworks in a report on Wednesday, December 3rd. They set an “outperform” rating on the stock. Finally, Leerink Partners set a $37.00 price objective on Zymeworks in a research report on Monday, November 17th. Ten analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $32.10.

Zymeworks Price Performance

Shares of Zymeworks stock opened at $24.94 on Friday. Zymeworks Inc. has a 1-year low of $9.03 and a 1-year high of $28.49. The company has a market capitalization of $1.87 billion, a PE ratio of -16.63 and a beta of 1.26. The business has a 50-day moving average of $20.90 and a 200-day moving average of $16.27.

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

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.