Redmile Group LLC Has $58.50 Million Stake in Zymeworks Inc. (NYSE:ZYME)

Redmile Group LLC lowered its holdings in Zymeworks Inc. (NYSE:ZYME) by 4.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,560,798 shares of the company’s stock after selling 229,432 shares during the quarter. Zymeworks comprises about 2.1% of Redmile Group LLC’s investment portfolio, making the stock its 15th largest position. Redmile Group LLC owned 0.08% of Zymeworks worth $58,500,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ZYME. Rubric Capital Management LP increased its holdings in shares of Zymeworks by 31.1% in the fourth quarter. Rubric Capital Management LP now owns 3,475,384 shares of the company’s stock valued at $36,109,000 after purchasing an additional 823,990 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Zymeworks by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,458,105 shares of the company’s stock valued at $25,859,000 after buying an additional 63,393 shares during the period. Acadian Asset Management LLC raised its position in shares of Zymeworks by 4.1% during the first quarter. Acadian Asset Management LLC now owns 1,305,057 shares of the company’s stock worth $13,724,000 after acquiring an additional 51,036 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Zymeworks during the first quarter valued at $6,301,000. Finally, Platinum Investment Management Ltd. lifted its stake in shares of Zymeworks by 2.1% during the first quarter. Platinum Investment Management Ltd. now owns 418,376 shares of the company’s stock valued at $4,401,000 after acquiring an additional 8,537 shares during the period. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Wells Fargo & Company cut their target price on shares of Zymeworks from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Citigroup cut their price objective on shares of Zymeworks from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $10.00 target price on shares of Zymeworks in a report on Thursday, June 6th.

Zymeworks Stock Performance

NYSE:ZYME traded down $0.15 during mid-day trading on Monday, hitting $10.60. The company had a trading volume of 222,497 shares, compared to its average volume of 606,292. The firm has a market cap of $749.47 million, a P/E ratio of -5.92 and a beta of 1.15. Zymeworks Inc. has a fifty-two week low of $6.01 and a fifty-two week high of $13.14. The business’s fifty day moving average is $9.12 and its two-hundred day moving average is $9.89.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.11). The firm had revenue of $10.03 million during the quarter, compared to analyst estimates of $17.98 million. Zymeworks had a negative net margin of 249.63% and a negative return on equity of 28.37%. Equities analysts forecast that Zymeworks Inc. will post -1.24 earnings per share for the current year.

Zymeworks Profile

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.