The Manufacturers Life Insurance Company Invests $807,000 in Zymeworks Inc. $ZYME

The Manufacturers Life Insurance Company purchased a new stake in Zymeworks Inc. (NASDAQ:ZYME) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 30,886 shares of the company’s stock, valued at approximately $807,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ZYME. BlackRock Inc. purchased a new stake in Zymeworks during the second quarter worth about $111,122,000. Siren L.L.C. purchased a new position in Zymeworks in the fourth quarter valued at about $44,238,000. Rubric Capital Management LP boosted its stake in shares of Zymeworks by 21.7% during the 1st quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock worth $175,280,000 after acquiring an additional 1,250,000 shares in the last quarter. Perceptive Advisors LLC boosted its stake in shares of Zymeworks by 56.0% during the 4th quarter. Perceptive Advisors LLC now owns 3,261,850 shares of the company’s stock worth $85,885,000 after acquiring an additional 1,171,187 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Zymeworks by 851.6% in the 3rd quarter. Millennium Management LLC now owns 1,104,813 shares of the company’s stock worth $18,870,000 after acquiring an additional 988,711 shares during the period. Institutional investors and hedge funds own 92.89% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ZYME shares. Stifel Nicolaus set a $46.00 price objective on Zymeworks in a report on Friday, August 7th. Truist Financial upped their target price on Zymeworks from $31.00 to $32.00 and gave the company a “buy” rating in a report on Friday, August 7th. JPMorgan Chase & Co. raised their price target on Zymeworks from $31.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday. Wells Fargo & Company lifted their price target on Zymeworks from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Finally, HC Wainwright boosted their price objective on shares of Zymeworks from $51.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, August 26th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Zymeworks has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Zymeworks Stock Performance

Shares of NASDAQ:ZYME opened at $29.19 on Friday. The business’s fifty day moving average price is $25.54 and its two-hundred day moving average price is $25.08. The stock has a market cap of $2.07 billion, a PE ratio of -14.45 and a beta of 1.19. Zymeworks Inc. has a one year low of $14.06 and a one year high of $31.34.

Zymeworks (NASDAQ:ZYME) last released 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). Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.The company had revenue of $3.23 million during the quarter, compared to analyst estimates of $4.54 million. During the same period last year, the firm earned $0.03 earnings per share. The business’s revenue was down 90.6% compared to the same quarter last year. As a group, equities research analysts predict that Zymeworks Inc. will post 1.38 earnings per share for the current fiscal year.

Zymeworks announced that its Board of Directors has approved a share repurchase program 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors 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.