Wellington Management Group LLP Buys New Position in Zymeworks Inc. $ZYME

Wellington Management Group LLP bought a new stake in Zymeworks Inc. (NASDAQ:ZYME) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 110,014 shares of the company’s stock, valued at approximately $2,876,000.

Several other institutional investors also recently added to or reduced their stakes in ZYME. AQR Capital Management LLC grew its stake in shares of Zymeworks by 86.0% in the first quarter. AQR Capital Management LLC now owns 48,485 shares of the company’s stock worth $577,000 after acquiring an additional 22,411 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Zymeworks by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company’s stock valued at $386,000 after purchasing an additional 1,427 shares during the last quarter. Jane Street Group LLC boosted its holdings in Zymeworks by 487.0% in the 1st quarter. Jane Street Group LLC now owns 135,763 shares of the company’s stock valued at $1,617,000 after purchasing an additional 112,636 shares during the period. Creative Planning grew its position in Zymeworks by 114.8% in the 2nd quarter. Creative Planning now owns 25,389 shares of the company’s stock worth $319,000 after purchasing an additional 13,567 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Zymeworks by 1,050.0% during the second quarter. JPMorgan Chase & Co. now owns 441,690 shares of the company’s stock valued at $5,543,000 after acquiring an additional 403,281 shares during the period. 92.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ZYME has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft set a $32.00 price objective on Zymeworks in a report on Wednesday, August 26th. Wells Fargo & Company raised their target price on Zymeworks from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Truist Financial lifted their price target on shares of Zymeworks from $31.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. JPMorgan Chase & Co. boosted 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, September 3rd. Finally, B. Riley Financial restated a “buy” rating and issued a $44.00 price objective (up from $40.00) on shares of Zymeworks in a research note on Monday, August 10th. Nine research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Zymeworks has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Zymeworks Price Performance

Zymeworks stock opened at $26.43 on Friday. The company has a market capitalization of $1.88 billion, a PE ratio of -13.08 and a beta of 1.19. Zymeworks Inc. has a one year low of $14.88 and a one year high of $31.34. The business has a 50 day simple moving average of $25.72 and a 200 day simple moving average of $25.23.

Zymeworks (NASDAQ:ZYME) last announced its quarterly earnings results on Friday, August 7th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.06). The company had revenue of $3.23 million during the quarter, compared to the consensus estimate of $4.54 million. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The business’s revenue was down 90.6% on a year-over-year basis. During the same quarter last year, the company earned $0.03 earnings per share. Equities analysts anticipate that Zymeworks Inc. will post 1.38 earnings per share for the current fiscal year.

Zymeworks declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 14th that permits the company to buyback $125.00 million in shares. This buyback authorization permits the company to purchase up to 7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership 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.