Persistent Asset Partners Ltd Takes $939,000 Position in Zymeworks Inc. $ZYME

Persistent Asset Partners Ltd acquired a new stake in shares of Zymeworks Inc. (NASDAQ:ZYME) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 35,935 shares of the company’s stock, valued at approximately $939,000.

A number of other institutional investors also recently bought and sold shares of ZYME. Rubric Capital Management LP lifted its holdings in Zymeworks by 21.7% during the first quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock valued at $175,280,000 after purchasing an additional 1,250,000 shares in the last quarter. Perceptive Advisors LLC raised its position in shares of Zymeworks by 7.6% during the 1st quarter. Perceptive Advisors LLC now owns 3,510,078 shares of the company’s stock valued at $87,892,000 after purchasing an additional 248,228 shares during the period. Vanguard Group Inc. raised its position in shares of Zymeworks by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 2,328,727 shares of the company’s stock valued at $61,315,000 after purchasing an additional 174,293 shares during the period. Vestal Point Capital LP lifted its stake in shares of Zymeworks by 53.5% during the 3rd quarter. Vestal Point Capital LP now owns 1,765,000 shares of the company’s stock valued at $30,146,000 after buying an additional 615,000 shares in the last quarter. Finally, Siren L.L.C. purchased a new position in shares of Zymeworks during the 4th quarter valued at $44,238,000. Institutional investors own 92.89% of the company’s stock.

Zymeworks Price Performance

ZYME stock opened at $25.12 on Monday. Zymeworks Inc. has a 12 month low of $13.48 and a 12 month high of $29.75. The firm’s 50-day moving average is $24.04 and its 200 day moving average is $24.51. The company has a market capitalization of $1.78 billion, a PE ratio of -12.44 and a beta of 1.15.

Zymeworks (NASDAQ:ZYME) last posted its earnings results on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.06). The business had revenue of $3.23 million for the quarter, compared to analysts’ expectations of $4.54 million. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The company’s revenue for the quarter was down 90.6% on a year-over-year basis. During the same period last year, the business posted $0.03 EPS. Sell-side analysts forecast that Zymeworks Inc. will post 1.25 EPS for the current fiscal year.

Zymeworks announced that its Board of Directors has approved a share repurchase program on Thursday, May 14th that authorizes the company to repurchase $125.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ZYME has been the subject of several recent analyst reports. B. Riley Financial restated a “buy” rating and issued a $44.00 price target (up from $40.00) on shares of Zymeworks in a research note on Monday, August 10th. Wells Fargo & Company lifted their price objective on shares of Zymeworks from $37.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Truist Financial boosted their target price on shares of Zymeworks from $31.00 to $32.00 and gave the stock a “buy” rating in a report on Friday, August 7th. HC Wainwright upped their target price on shares of Zymeworks from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Zymeworks in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Zymeworks presently has a consensus rating of “Moderate Buy” and an average price target of $40.75.

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.