Platinum Investment Management Ltd. Decreases Stake in Zymeworks Inc. $ZYME

Platinum Investment Management Ltd. decreased its holdings in Zymeworks Inc. (NYSE:ZYME) by 14.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 238,391 shares of the company’s stock after selling 40,267 shares during the period. Platinum Investment Management Ltd. owned 0.34% of Zymeworks worth $2,992,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. CWM LLC grew its position in shares of Zymeworks by 1,091.2% in the first quarter. CWM LLC now owns 2,299 shares of the company’s stock valued at $27,000 after purchasing an additional 2,106 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Zymeworks by 1,113.3% during the 1st quarter. GAMMA Investing LLC now owns 6,467 shares of the company’s stock valued at $77,000 after purchasing an additional 5,934 shares in the last quarter. Northwest & Ethical Investments L.P. grew its position in shares of Zymeworks by 83.3% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 10,030 shares of the company’s stock valued at $119,000 after purchasing an additional 4,559 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of Zymeworks by 12.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 11,567 shares of the company’s stock valued at $138,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Magnetar Financial LLC purchased a new position in shares of Zymeworks during the 1st quarter valued at $148,000. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ZYME has been the subject of several recent analyst reports. Citigroup boosted their target price on Zymeworks from $19.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, August 11th. HC Wainwright reissued a “neutral” rating and issued a $13.00 price target on shares of Zymeworks in a report on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $21.43.

Zymeworks Stock Down 0.8%

NYSE ZYME opened at $16.94 on Thursday. The company has a 50-day simple moving average of $14.63 and a two-hundred day simple moving average of $13.06. Zymeworks Inc. has a 12-month low of $9.03 and a 12-month high of $17.70. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -11.29 and a beta of 1.27.

Zymeworks (NYSE:ZYME) last issued its earnings results on Thursday, August 7th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.55. The company had revenue of $48.73 million during the quarter, compared to analysts’ expectations of $17.18 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%.Zymeworks’s quarterly revenue was up 153.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.49) EPS. Equities analysts expect that Zymeworks Inc. will post -1.39 earnings per share for the current fiscal year.

Zymeworks Company Profile

Zymeworks Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company’s lead product candidates include zanidatamab, a human epidermal growth factor receptor 2 (HER2) that is in Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.