- The shares of cancer-focused biopharma Zymeworks ( NASDAQ: ZYME ) added ~13% on Friday to reach the highest level since late January 2021 after San Francisco-based biotech fund EcoR1 Capital, LLC raised its stake in the company.
- According to an SEC filing on Thursday, EcoR1 has purchased ~1.0M Zymeworks ( ZYME ) shares this week for $7.65 – $8.87 apiece in two transactions worth ~$7.8M. That has lifted its stake in the company by ~14% to ~8.6M shares.
- The purchases come as Zymeworks ( ZYME ) is set to drop Phase 2 data for its lead candidate zanidatamab with chemotherapy as first-line treatment for HER2-positive gastroesophageal adenocarcinoma next week.
- In October, Zymeworks ( ZYME ) shares gained after announcing a licensing deal with Jazz Pharmaceuticals ( JAZZ ) for zanidatamab, which, according to Seeking Alpha contributor Avisol Capital Partners “has given it access to a lot of funds.”
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Zymeworks hits one-year high after insider purchase