Zymeworks Inc. $ZYME Shares Purchased by Granahan Investment Management LLC

Granahan Investment Management LLC increased its stake in Zymeworks Inc. (NASDAQ:ZYME) by 11.7% in the first quarter, Holdings Channel reports. The firm owned 250,773 shares of the company’s stock after purchasing an additional 26,365 shares during the period. Granahan Investment Management LLC’s holdings in Zymeworks were worth $6,279,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Zymeworks during the fourth quarter valued at $37,000. Quarry LP acquired a new stake in Zymeworks during the 3rd quarter worth about $50,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Zymeworks by 25.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company’s stock valued at $96,000 after purchasing an additional 731 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Zymeworks by 29.6% in the second 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 during the period. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Zymeworks in the fourth quarter worth about $205,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Analyst Upgrades and Downgrades

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

Zymeworks Stock Down 1.1%

NASDAQ:ZYME opened at $22.86 on Friday. Zymeworks Inc. has a 52 week low of $11.51 and a 52 week high of $29.75. The stock’s 50-day moving average price is $24.47 and its 200-day moving average price is $24.54. The stock has a market capitalization of $1.67 billion, a PE ratio of -16.69 and a beta of 1.13.

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

Zymeworks declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 14th that allows the company to buyback $125.00 million in outstanding shares. This buyback authorization allows the company to buy up to 7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Zymeworks Company 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.