Short Interest in Zymeworks Inc (NYSE:ZYME) Drops By 36.9%

Zymeworks Inc (NYSE:ZYME) was the recipient of a large drop in short interest during the month of February. As of February 14th, there was short interest totalling 532,000 shares, a drop of 36.9% from the January 30th total of 842,500 shares. Approximately 1.7% of the company’s shares are sold short. Based on an average daily volume of 426,200 shares, the days-to-cover ratio is presently 1.2 days.

NYSE ZYME traded up $0.03 during mid-day trading on Wednesday, hitting $40.45. The company’s stock had a trading volume of 217,668 shares, compared to its average volume of 442,704. The company’s 50 day simple moving average is $46.10 and its 200 day simple moving average is $36.60. Zymeworks has a twelve month low of $14.05 and a twelve month high of $52.75. The company has a current ratio of 6.81, a quick ratio of 6.81 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -23.38 and a beta of 1.54.

In other news, Director Troy Cox purchased 7,500 shares of the stock in a transaction on Monday, January 27th. The stock was purchased at an average price of $46.50 per share, for a total transaction of $348,750.00. Following the acquisition, the director now owns 7,500 shares in the company, valued at $348,750. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.80% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC boosted its holdings in Zymeworks by 331.4% during the 1st quarter. FMR LLC now owns 2,401,897 shares of the company’s stock worth $38,863,000 after acquiring an additional 1,845,142 shares during the last quarter. FIL Ltd purchased a new position in Zymeworks during the 4th quarter worth $73,499,000. Great Point Partners LLC boosted its holdings in Zymeworks by 131.8% during the 3rd quarter. Great Point Partners LLC now owns 2,466,744 shares of the company’s stock worth $61,175,000 after acquiring an additional 1,402,703 shares during the last quarter. Millennium Management LLC boosted its holdings in Zymeworks by 82,322.8% during the 3rd quarter. Millennium Management LLC now owns 1,379,757 shares of the company’s stock worth $34,217,000 after acquiring an additional 1,378,083 shares during the last quarter. Finally, Pictet Asset Management Ltd. purchased a new position in Zymeworks during the 3rd quarter worth $11,847,000. 60.42% of the stock is owned by institutional investors and hedge funds.

Several analysts have recently commented on ZYME shares. Zacks Investment Research raised shares of Zymeworks from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a research report on Saturday, February 8th. Stifel Nicolaus raised their price objective on shares of Zymeworks from $45.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Guggenheim started coverage on shares of Zymeworks in a research report on Wednesday, November 27th. They set a “buy” rating and a $48.00 price objective for the company. Raymond James reaffirmed a “buy” rating and set a $60.00 price objective on shares of Zymeworks in a research report on Tuesday, January 14th. Finally, Wolfe Research started coverage on shares of Zymeworks in a research report on Friday, January 10th. They set an “outperform” rating and a $61.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Zymeworks currently has an average rating of “Buy” and an average target price of $48.75.

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 candidates include ZW25, a bispecific antibody that is in Phase I clinical trial for the treatment of breast and gastric cancer; ZW49, a bispecific antibody-drug conjugate that is in preclinical stage for treating breast and gastric cancers, and solid tumors.

Read More: How is a buy-side analyst different from a sell-side analyst?

Receive News & Ratings for Zymeworks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zymeworks and related companies with MarketBeat.com's FREE daily email newsletter.