Zymeworks (NYSE:ZYME) Stock Price Down 6.1% – Should You Sell?

Zymeworks Inc. (NYSE:ZYME)’s share price fell 6.1% during trading on Monday . The company traded as low as $25.25 and last traded at $24.9850. 338,686 shares were traded during mid-day trading, a decline of 16% from the average session volume of 401,065 shares. The stock had previously closed at $26.62.

Analyst Ratings Changes

Several brokerages recently commented on ZYME. Wells Fargo & Company upgraded shares of Zymeworks from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $25.00 to $33.00 in a research note on Friday, December 12th. Stifel Nicolaus increased their target price 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 target on Zymeworks in a research note on Wednesday, December 3rd. B. Riley reaffirmed a “buy” rating and issued a $40.00 price objective (up from $30.00) on shares of Zymeworks in a research note on Friday, November 21st. Finally, JPMorgan Chase & Co. lifted their price objective on Zymeworks from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Eleven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Zymeworks has a consensus rating of “Buy” and a consensus price target of $32.82.

Zymeworks Stock Down 4.3%

The stock has a fifty day moving average price of $23.73 and a two-hundred day moving average price of $17.94. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of -16.98 and a beta of 1.27.

Zymeworks (NYSE:ZYME) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.02. The firm had revenue of $27.61 million during the quarter, compared to analysts’ expectations of $33.69 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%.The firm’s quarterly revenue was up 72.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.39) EPS. As a group, research analysts forecast that Zymeworks Inc. will post -1.39 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Kenneth Galbraith sold 47,528 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $27.02, for a total transaction of $1,284,206.56. Following the sale, the chief executive officer owned 133,275 shares in the company, valued at approximately $3,601,090.50. This trade represents a 26.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 33.51% of the company’s stock.

Hedge Funds Weigh In On Zymeworks

Several institutional investors and hedge funds have recently bought and sold shares of ZYME. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Zymeworks by 184.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,879,945 shares of the company’s stock worth $46,210,000 after purchasing an additional 2,514,834 shares in the last quarter. EcoR1 Capital LLC lifted its position in Zymeworks by 33.1% during the second quarter. EcoR1 Capital LLC now owns 22,970,388 shares of the company’s stock valued at $288,278,000 after buying an additional 5,710,840 shares in the last quarter. Norges Bank purchased a new stake in Zymeworks during the second quarter worth approximately $2,531,000. Squarepoint Ops LLC increased its position in shares of Zymeworks by 144.6% in the second quarter. Squarepoint Ops LLC now owns 155,599 shares of the company’s stock worth $1,953,000 after acquiring an additional 91,997 shares in the last quarter. Finally, Tejara Capital Ltd increased its position in shares of Zymeworks by 5.7% in the second quarter. Tejara Capital Ltd now owns 200,150 shares of the company’s stock worth $2,512,000 after acquiring an additional 10,741 shares in the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Zymeworks

Zymeworks Inc is a clinical-stage biopharmaceutical company headquartered in Vancouver, British Columbia, with a focus on the discovery, development and commercialization of multifunctional biotherapeutics. Founded in 2003, the company applies proprietary protein engineering platforms to create novel antibody and protein-based therapies targeting oncology and other serious diseases. Zymeworks is publicly traded on the New York Stock Exchange under the symbol ZYME.

The company’s core technology platforms include Azymetric®, which enables the design of bispecific antibodies capable of engaging two distinct targets simultaneously, and the EFECT™ platform for fine-tuning antibody-drug conjugate properties.