SummitTX Capital L.P. Purchases 97,159 Shares of Zymeworks Inc. $ZYME

SummitTX Capital L.P. boosted its position in Zymeworks Inc. (NASDAQ:ZYME) by 43.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 321,427 shares of the company’s stock after acquiring an additional 97,159 shares during the period. SummitTX Capital L.P.’s holdings in Zymeworks were worth $8,049,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ZYME. Caitong International Asset Management Co. Ltd acquired a new position in shares of Zymeworks during the fourth quarter worth approximately $37,000. Quarry LP acquired a new stake in Zymeworks in the 3rd quarter valued at $50,000. Tower Research Capital LLC TRC increased its stake in Zymeworks by 29.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock valued at $62,000 after purchasing an additional 1,131 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Zymeworks by 25.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company’s stock worth $96,000 after buying an additional 731 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in Zymeworks by 157.7% during the second quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company’s stock worth $129,000 after buying an additional 6,307 shares during the last quarter. Institutional investors own 92.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Zymeworks in a report on Friday, July 17th. Truist Financial raised their price target on shares of Zymeworks from $28.00 to $31.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. HC Wainwright reiterated a “buy” rating and set a $46.00 price target on shares of Zymeworks in a research note on Wednesday, June 3rd. Wells Fargo & Company boosted their price objective on Zymeworks from $34.00 to $37.00 and gave the stock an “overweight” rating in a report on Tuesday, June 30th. Finally, Citigroup reissued a “buy” rating on shares of Zymeworks in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $37.33.

Zymeworks Price Performance

Shares of ZYME stock opened at $22.86 on Monday. The firm has a 50-day moving average of $24.47 and a 200-day moving average of $24.53. The company has a market cap of $1.67 billion, a P/E ratio of -16.69 and a beta of 1.13. Zymeworks Inc. has a one year low of $11.51 and a one year high of $29.75.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings results on Tuesday, March 31st. The company reported ($0.59) earnings per share for the quarter. Zymeworks had a negative net margin of 126.92% and a negative return on equity of 37.97%. The firm had revenue of $2.41 million for the quarter. As a group, research analysts expect that Zymeworks Inc. will post 1.1 earnings per share for the current fiscal year.

Zymeworks declared that its board has approved a stock buyback program on Thursday, May 14th that permits the company to buyback $125.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.