The Manufacturers Life Insurance Company Makes New Investment in Zymeworks Inc. $ZYME

The Manufacturers Life Insurance Company purchased a new position in shares of Zymeworks Inc. (NASDAQ:ZYME) during the second quarter, HoldingsChannel reports. The institutional investor purchased 30,886 shares of the company’s stock, valued at approximately $807,000.

Several other hedge funds have also made changes to their positions in ZYME. Janney Montgomery Scott LLC increased its stake in Zymeworks by 3.8% in the first quarter. Janney Montgomery Scott LLC now owns 11,487 shares of the company’s stock valued at $288,000 after purchasing an additional 420 shares during the last quarter. Tema ETFs LLC grew its holdings in Zymeworks by 0.7% in the 2nd quarter. Tema ETFs LLC now owns 105,615 shares of the company’s stock valued at $2,761,000 after buying an additional 684 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Zymeworks by 10.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,507 shares of the company’s stock valued at $221,000 after acquiring an additional 800 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Zymeworks by 1.6% during the 4th quarter. Russell Investments Group Ltd. now owns 58,350 shares of the company’s stock valued at $1,536,000 after acquiring an additional 902 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC lifted its holdings in shares of Zymeworks by 3.4% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 33,588 shares of the company’s stock worth $884,000 after acquiring an additional 1,095 shares during the period. Institutional investors and hedge funds own 92.89% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ZYME shares. Deutsche Bank Aktiengesellschaft set a $32.00 target price on shares of Zymeworks in a report on Wednesday, August 26th. JPMorgan Chase & Co. lifted their price target on shares of Zymeworks from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of Zymeworks in a research note on Friday, July 17th. Citigroup restated a “market outperform” rating on shares of Zymeworks in a report on Wednesday, August 26th. Finally, HC Wainwright increased their target price on Zymeworks from $51.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, August 26th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Zymeworks has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Zymeworks Stock Performance

NASDAQ ZYME opened at $29.19 on Friday. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -14.45 and a beta of 1.19. Zymeworks Inc. has a one year low of $14.06 and a one year high of $31.34. The company’s 50 day moving average price is $25.54 and its 200 day moving average price is $25.08.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings data on Friday, August 7th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.06). Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.The business had revenue of $3.23 million for the quarter, compared to analysts’ expectations of $4.54 million. During the same quarter in the prior year, the firm earned $0.03 earnings per share. Zymeworks’s quarterly revenue was down 90.6% compared to the same quarter last year. Sell-side analysts forecast that Zymeworks Inc. will post 1.38 EPS for the current fiscal year.

Zymeworks declared that its board has approved a stock repurchase plan on Thursday, May 14th that authorizes the company to repurchase $125.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Zymeworks 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.