Zymeworks Inc (ZYME) Major Shareholder Eli & Co Lilly Sells 700,000 Shares

Zymeworks Inc (NYSE:ZYME) major shareholder Eli & Co Lilly sold 700,000 shares of Zymeworks stock in a transaction on Tuesday, November 6th. The shares were sold at an average price of $14.00, for a total value of $9,800,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Eli & Co Lilly also recently made the following trade(s):

  • On Monday, September 24th, Eli & Co Lilly sold 2,027 shares of Zymeworks stock. The shares were sold at an average price of $16.36, for a total value of $33,161.72.
  • On Monday, September 17th, Eli & Co Lilly sold 15,874 shares of Zymeworks stock. The shares were sold at an average price of $14.58, for a total value of $231,442.92.
  • On Thursday, September 13th, Eli & Co Lilly sold 30,959 shares of Zymeworks stock. The shares were sold at an average price of $14.49, for a total value of $448,595.91.
  • On Tuesday, September 11th, Eli & Co Lilly sold 15,777 shares of Zymeworks stock. The shares were sold at an average price of $14.75, for a total value of $232,710.75.
  • On Thursday, August 30th, Eli & Co Lilly sold 5,752 shares of Zymeworks stock. The shares were sold at an average price of $14.31, for a total value of $82,311.12.
  • On Monday, August 13th, Eli & Co Lilly sold 6,429 shares of Zymeworks stock. The shares were sold at an average price of $14.32, for a total value of $92,063.28.

Shares of ZYME opened at $13.81 on Friday. Zymeworks Inc has a 52-week low of $6.87 and a 52-week high of $29.00. The firm has a market capitalization of $450.67 million, a price-to-earnings ratio of -24.23 and a beta of 3.74.

Zymeworks (NYSE:ZYME) last released its earnings results on Tuesday, November 6th. The company reported ($0.59) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.08. The company had revenue of $2.05 million during the quarter, compared to the consensus estimate of $2.00 million. Zymeworks had a negative return on equity of 9.24% and a negative net margin of 17.66%. On average, equities research analysts expect that Zymeworks Inc will post -2.33 earnings per share for the current year.

Several brokerages have issued reports on ZYME. Zacks Investment Research downgraded Zymeworks from a “buy” rating to a “hold” rating in a research report on Saturday. Raymond James set a $27.00 price objective on Zymeworks and gave the company an “outperform” rating in a research report on Monday, October 15th. Canaccord Genuity set a $21.00 price objective on Zymeworks and gave the company a “buy” rating in a research report on Wednesday, September 5th. Finally, Citigroup upgraded Zymeworks from a “neutral” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Thursday, August 2nd. They noted that the move was a valuation call. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $22.57.

Hedge funds have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new stake in shares of Zymeworks during the second quarter worth $101,000. K.J. Harrison & Partners Inc bought a new stake in shares of Zymeworks during the third quarter worth $189,000. Granite Investment Partners LLC bought a new stake in shares of Zymeworks during the third quarter worth $228,000. Raymond James & Associates bought a new stake in shares of Zymeworks during the second quarter worth $578,000. Finally, Stanley Laman Group Ltd. bought a new stake in shares of Zymeworks during the third quarter worth $887,000. Institutional investors own 25.11% of the company’s stock.

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About Zymeworks

Zymeworks Inc, a clinical-stage biopharmaceutical company, engages in the discovery, development, and commercialization of bio-therapeutics for the treatment of cancer in Canada. The company's lead product candidate is ZW25, a novel bispecific antibody that is in Phase I clinical trial for the treatment of breast and gastric cancer.

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