Assenagon Asset Management S.A. Acquires 80,612 Shares of Zymeworks Inc. $ZYME

Assenagon Asset Management S.A. boosted its holdings in Zymeworks Inc. (NASDAQ:ZYME) by 12.5% in the first quarter, Holdings Channel.com reports. The institutional investor owned 727,986 shares of the company’s stock after acquiring an additional 80,612 shares during the period. Assenagon Asset Management S.A.’s holdings in Zymeworks were worth $18,229,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kornitzer Capital Management Inc. KS bought a new position in shares of Zymeworks during the 4th quarter valued at $2,338,000. Vanguard Group Inc. grew its holdings in shares of Zymeworks by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 2,328,727 shares of the company’s stock worth $61,315,000 after acquiring an additional 174,293 shares during the period. Pictet Asset Management Holding SA purchased a new stake in Zymeworks during the fourth quarter valued at $1,966,000. Capricorn Fund Managers Ltd bought a new position in Zymeworks in the fourth quarter valued at about $26,931,000. Finally, UBS Group AG grew its stake in shares of Zymeworks by 437.9% during the 4th quarter. UBS Group AG now owns 278,854 shares of the company’s stock valued at $7,342,000 after purchasing an additional 227,013 shares during the period. Institutional investors own 92.89% of the company’s stock.

Zymeworks Price Performance

NASDAQ ZYME opened at $24.15 on Friday. Zymeworks Inc. has a 1-year low of $11.51 and a 1-year high of $29.75. The business has a 50 day simple moving average of $25.11 and a two-hundred day simple moving average of $24.73. The stock has a market capitalization of $1.76 billion, a PE ratio of -17.63 and a beta of 1.15.

Zymeworks (NASDAQ:ZYME) last posted its earnings results on Tuesday, March 31st. The company reported ($0.59) EPS for the quarter. Zymeworks had a negative net margin of 126.92% and a negative return on equity of 37.97%. The firm had revenue of $2.41 million for the quarter. On average, analysts anticipate that Zymeworks Inc. will post 1.1 EPS for the current fiscal year.

Zymeworks announced that its board has authorized a share repurchase program on Thursday, May 14th that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $46.00 target price on shares of Zymeworks in a report on Wednesday, June 3rd. Truist Financial set a $28.00 price target on shares of Zymeworks and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Zymeworks in a research report on Monday, April 20th. Wells Fargo & Company upped their price objective on Zymeworks from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Finally, Stifel Nicolaus lifted their target price on Zymeworks from $40.00 to $47.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Zymeworks presently has an average rating of “Moderate Buy” and an average price target of $36.67.

About Zymeworks

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.