Jeffrey T. L. Smith, Executive Vice President and Chief Medical (TASE:PMCN) Officer at Zymeworks Inc . (NASDAQ:ZYME), recently sold 11,110 shares of the company’s common stock. The shares were sold at an average price of $14.9241, amounting to a total transaction value of $165,806. This sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units (RSUs), as per mandatory "sell 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 cash exchange, as the shares were issued at no cost upon vesting. Following these transactions, Smith holds a total of 8,890 shares directly.
In other recent news, Zymeworks has witnessed a series 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 showcased its promising pipeline in oncology and autoimmune diseases. Leerink Partners also upgraded Zymeworks' stock rating from Market Perform to Outperform, raising the price target to $26.
The U.S. Food and Drug Administration granted accelerated approval to Zymeworks' drug Ziihera for the treatment of biliary tract cancer. This approval led to a $25 million regulatory milestone payment from Jazz Pharmaceuticals (NASDAQ:JAZZ) and the potential for up to $500 million more in regulatory milestones.
Zymeworks has advanced its '5 by 5' strategy for solid tumor treatments, introducing ZW209 as its fifth development candidate, 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, the company continues to make strides in the pharmaceutical industry. Furthermore, Zymeworks disclosed changes to its non-employee director compensation policy, aiming to align with practices of peer companies. These are some of the recent developments in the company's operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.