Zymeworks (NYSE:ZYME) Shares Gap Down – Should You Sell?

Zymeworks Inc. (NYSE:ZYME)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $13.18, but opened at $12.44. Zymeworks shares last traded at $12.12, with a volume of 123,050 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ZYME. HC Wainwright reissued a “neutral” rating and set a $12.00 price objective on shares of Zymeworks in a research report on Friday, November 22nd. Leerink Partnrs upgraded shares of Zymeworks from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. raised Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 target price on the stock in a report on Monday, December 16th. Wells Fargo & Company increased their price objective on Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. Finally, Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $10.00 to $25.00 in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.17.

Zymeworks Stock Performance

The stock has a market cap of $831.98 million, a PE ratio of -8.05 and a beta of 1.13. The stock has a fifty day simple moving average of $14.25 and a two-hundred day simple moving average of $13.62.

Insider Activity at Zymeworks

In other Zymeworks news, Director Ecor1 Capital, Llc purchased 11,958 shares of Zymeworks stock in a transaction on Tuesday, December 24th. The stock was bought at an average price of $14.12 per share, for a total transaction of $168,846.96. Following the transaction, the director now owns 14,704,239 shares of the company’s stock, valued at $207,623,854.68. The trade was a 0.08 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul Andrew Moore sold 21,200 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $14.92, for a total transaction of $316,304.00. Following the transaction, the insider now owns 14,741 shares in the company, valued at $219,935.72. This represents a 58.99 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 603,539 shares of company stock valued at $8,384,708 and have sold 89,601 shares valued at $1,336,847. 1.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Zymeworks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Zymeworks by 0.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 132,798 shares of the company’s stock valued at $1,667,000 after buying an additional 650 shares during the period. Nuveen Asset Management LLC raised its position in Zymeworks by 0.4% in the fourth quarter. Nuveen Asset Management LLC now owns 207,023 shares of the company’s stock worth $3,031,000 after acquiring an additional 886 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in Zymeworks by 6.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 14,605 shares of the company’s stock valued at $214,000 after acquiring an additional 940 shares during the last quarter. Sterling Capital Management LLC boosted its position in shares of Zymeworks by 781.5% during the 4th quarter. Sterling Capital Management LLC now owns 1,719 shares of the company’s stock valued at $25,000 after purchasing an additional 1,524 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Zymeworks by 84.2% in the 3rd quarter. FMR LLC now owns 3,336 shares of the company’s stock worth $42,000 after purchasing an additional 1,525 shares during the last quarter. 92.89% of the stock is owned by institutional investors.

About Zymeworks

Zymeworks Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company’s lead product candidates include zanidatamab, a human epidermal growth factor receptor 2 (HER2) that is in Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.