Jeffrey TL Smith, Executive Vice President and Principal Medical (TASE:) Clerk at Zymeworks Inc . (NASDAQ:), recently sold 11,110 shares of the company’s stock. The shares were sold at an average price of $14.9241, for a total of $165,806. This sale was made to cover the withholding tax obligations related to the grant of restricted stock units (RSUs), pursuant to the mandatory “sale to cover” provisions, and not as a discretionary sale by Smith.
In addition to the sale, Smith acquired 20,000 shares of common stock through the vesting of RSUs. These transactions did not involve any exchange of cash, as the shares were issued at no cost upon vesting. Following these transactions, Smith directly holds a total of 8,890 shares.
In other recent news, Zymeworks has witnessed a number of promising developments. JPMorgan upgraded the company’s stock rating from Neutral to Overweight, setting a new price target of $18.00, following the company’s recent R&D day that showed promising results in oncology and autoimmune diseases. Leerink Partners also upgraded shares of Zymeworks from Market Perform to Outperform, raising their price target to $26.
The US Food and Drug Administration granted accelerated approval to Zymeworks’ drug Ziihera for the treatment of biliary tract cancer. This approval led to a regulatory milestone of $25 million Jazz Pharmaceuticals (NASDAQ: ) and the potential for up to $500 million more in regulatory milestones.
Zymeworks advanced its ‘5 by 5’ strategy to treat solid tumors, introducing ZW209 as its fifth development candidate, and plans to submit investigational new drug applications for two promising antibody-drug conjugates, ZW220 and ZW251, in 2025.
Despite a net loss of $99.2 million in the third quarter of 2024, an improvement over the previous year, the company continues to thrive in the pharmaceutical industry. Furthermore, Zymeworks has disclosed changes to its compensation policy for non-employee directors, aimed at aligning with the practices of peer companies. These are some of the latest events in the company’s operations.
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