Zymeworks Inc. $ZYME Shares Purchased by Rubric Capital Management LP

Rubric Capital Management LP increased its position in Zymeworks Inc. (NASDAQ:ZYME) by 21.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,000,000 shares of the company’s stock after acquiring an additional 1,250,000 shares during the period. Zymeworks makes up about 1.9% of Rubric Capital Management LP’s portfolio, making the stock its 13th biggest holding. Rubric Capital Management LP owned about 0.10% of Zymeworks worth $175,280,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ZYME. Caitong International Asset Management Co. Ltd purchased a new stake in Zymeworks during the 4th quarter valued at about $37,000. Quarry LP acquired a new stake in shares of Zymeworks during the third quarter worth about $50,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 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 purchasing an additional 731 shares during the period. Tower Research Capital LLC TRC boosted its position in 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 buying an additional 1,131 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Zymeworks in the fourth quarter valued at approximately $205,000. Institutional investors and hedge funds own 92.89% of the company’s stock.

Zymeworks Stock Up 0.6%

Zymeworks stock opened at $23.00 on Tuesday. The business’s 50-day moving average price is $24.44 and its 200 day moving average price is $24.52. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -16.79 and a beta of 1.13. Zymeworks Inc. has a 52 week low of $11.51 and a 52 week high of $29.75.

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

Zymeworks declared that its board has initiated a stock repurchase plan on Thursday, May 14th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the company to repurchase up to 7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages recently weighed in on ZYME. Weiss Ratings reiterated a “sell (d-)” rating on shares of Zymeworks in a report on Friday, July 17th. Citigroup reaffirmed a “buy” rating on shares of Zymeworks in a report on Tuesday, June 30th. HC Wainwright reiterated a “buy” rating and issued a $46.00 price objective on shares of Zymeworks in a research note on Wednesday, June 3rd. Truist Financial raised their target price on shares of Zymeworks from $28.00 to $31.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, Wells Fargo & Company boosted their target price on shares of Zymeworks from $34.00 to $37.00 and gave the company an “overweight” rating in a research report on Tuesday, June 30th. One research 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.33.

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.