Kenneth Galbraith, Chair and CEO of Zymeworks Inc . (NASDAQ:ZYME), executed a series of stock transactions on January 6, 2025, according to a recent SEC filing. The company, currently valued at $1 billion, has seen its stock surge over 60% in the past six months, according to InvestingPro data. Galbraith sold a total of 57,291 shares of common stock, amounting to approximately $855,016. The shares were sold at a weighted average price of $14.9241, with transactions occurring at prices ranging from $14.44 to $15.14.
The sale was conducted to cover tax withholding obligations and other applicable fees associated with the vesting of restricted stock units (RSUs), as per the mandatory "sell to cover" provisions in Galbraith's RSU grant agreement. This means the sales were not discretionary but were necessary to meet tax and fee requirements. InvestingPro analysis shows the company maintains a strong financial position with a "GOOD" health score and a robust current ratio of 4.1.
Additionally, Galbraith acquired 114,332 shares of common stock through the vesting of RSUs. These acquisitions were made at no cost, as they were part of previously granted RSUs that vested on the same day. Following these transactions, Galbraith holds a total of 80,803 shares directly. Analysts maintain a bullish stance on ZYME, with price targets ranging from $12 to $30 per share.
In other recent news, Zymeworks Inc. has been making significant strides in the biopharmaceutical industry. The company's drug, Ziihera, received accelerated approval from the U.S. Food and Drug Administration (FDA) for the treatment of biliary tract cancer. This approval was influenced by the results of the HERIZON-BTC-01 trial, which demonstrated promising response rates. Following this approval, Zymeworks secured a $25 million regulatory milestone payment from Jazz Pharmaceuticals (NASDAQ:JAZZ) and is eligible for up to $500 million more in regulatory milestones. Leerink Partners and JPMorgan (NYSE:JPM) have upgraded Zymeworks' stock rating to Outperform and Overweight, respectively, reflecting the company's progress. Additionally, Zymeworks disclosed changes to its non-employee director compensation policy and plans to file Investigational New Drug applications for two promising antibody-drug conjugates, ZW220 and ZW251, in 2025. Despite a net loss of $99.2 million in Q3 2024, an improvement from the previous year, Zymeworks continues to advance novel therapeutics for difficult-to-treat cancers. These recent developments underscore Zymeworks' commitment to advancing novel therapeutics for difficult-to-treat cancers and its openness to future business development opportunities, including collaborations and licensing deals.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.