Prosight Management LP Cuts Stake in Zymeworks Inc. $ZYME

Prosight Management LP lessened its stake in shares of Zymeworks Inc. (NASDAQ:ZYME) by 42.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 749,611 shares of the company’s stock after selling 560,293 shares during the period. Zymeworks accounts for approximately 3.0% of Prosight Management LP’s investment portfolio, making the stock its 15th biggest position. Prosight Management LP owned approximately 1.00% of Zymeworks worth $12,803,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Optiver Holding B.V. acquired a new stake in Zymeworks in the 3rd quarter worth about $26,000. Tower Research Capital LLC TRC boosted its stake in shares of Zymeworks by 29.6% in the second 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 last quarter. BNP Paribas Financial Markets boosted its stake in shares of Zymeworks by 157.7% in the second quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company’s stock worth $129,000 after acquiring an additional 6,307 shares during the last quarter. Brevan Howard Capital Management LP purchased a new stake in shares of Zymeworks during the second quarter worth approximately $133,000. Finally, SG Americas Securities LLC increased its position in shares of Zymeworks by 57.1% during the third quarter. SG Americas Securities LLC now owns 13,624 shares of the company’s stock worth $233,000 after purchasing an additional 4,953 shares in the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Kenneth Galbraith sold 30,424 shares of the stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $22.67, for a total value of $689,712.08. Following the completion of the transaction, the chief executive officer directly owned 226,842 shares in the company, valued at approximately $5,142,508.14. This represents a 11.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jeffrey T. L. Smith sold 9,310 shares of the firm’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $22.67, for a total value of $211,057.70. Following the sale, the executive vice president directly owned 26,708 shares of the company’s stock, valued at approximately $605,470.36. This trade represents a 25.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 187,933 shares of company stock worth $4,673,716 over the last quarter. 33.51% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on ZYME. Weiss Ratings restated a “sell (d-)” rating on shares of Zymeworks in a report on Wednesday, January 21st. Citigroup initiated coverage on shares of Zymeworks in a research report on Wednesday, December 3rd. They issued an “outperform” rating for the company. Zacks Research lowered shares of Zymeworks from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 26th. Truist Financial began coverage on shares of Zymeworks in a research note on Wednesday, December 17th. They set a “buy” rating and a $40.00 price objective for the company. Finally, HC Wainwright increased their price objective on shares of Zymeworks from $32.00 to $46.00 and gave the company a “buy” rating in a report on Friday, March 6th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Zymeworks currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.89.

Zymeworks Stock Down 1.5%

NASDAQ ZYME opened at $22.88 on Friday. The business’s fifty day simple moving average is $23.49 and its 200-day simple moving average is $21.41. The firm has a market cap of $1.69 billion, a PE ratio of -21.18 and a beta of 1.23. Zymeworks Inc. has a 52 week low of $9.03 and a 52 week high of $28.49.

Zymeworks (NASDAQ:ZYME) last announced its quarterly earnings data on Monday, March 2nd. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.20). Zymeworks had a negative net margin of 76.56% and a negative return on equity of 26.00%. The firm had revenue of $2.52 million during the quarter, compared to analysts’ expectations of $21.78 million. During the same period in the prior year, the company posted ($0.31) EPS. The company’s revenue for the quarter was down 91.9% compared to the same quarter last year.

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.