Zymeworks (NYSE:ZYME) Trading 4.3% Higher Following Analyst Upgrade

Zymeworks Inc. (NYSE:ZYME)’s share price shot up 4.3% on Thursday after Wells Fargo & Company raised their price target on the stock from $12.00 to $14.00. Wells Fargo & Company currently has an equal weight rating on the stock. Zymeworks traded as high as $13.34 and last traded at $13.29. 83,090 shares changed hands during trading, a decline of 86% from the average session volume of 606,086 shares. The stock had previously closed at $12.74.

A number of other research analysts also recently commented on ZYME. Leerink Partnrs raised Zymeworks from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Citigroup increased their target price on Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, November 4th. HC Wainwright restated a “neutral” rating and issued a $12.00 price target on shares of Zymeworks in a research note on Friday, November 22nd. Stifel Nicolaus increased their price objective on shares of Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Finally, Leerink Partners raised shares of Zymeworks from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $10.00 to $25.00 in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.17.

Hedge Funds Weigh In On Zymeworks

A number of hedge funds and other institutional investors have recently bought and sold shares of ZYME. FMR LLC raised its position in shares of Zymeworks by 84.2% during the 3rd quarter. FMR LLC now owns 3,336 shares of the company’s stock worth $42,000 after purchasing an additional 1,525 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Zymeworks during the 3rd quarter worth $47,000. Quest Partners LLC grew its stake in Zymeworks by 8,049.6% during the 2nd quarter. Quest Partners LLC now owns 9,209 shares of the company’s stock worth $78,000 after buying an additional 9,096 shares during the last quarter. nVerses Capital LLC acquired a new stake in Zymeworks in the third quarter worth $79,000. Finally, MQS Management LLC bought a new stake in Zymeworks in the second quarter valued at $92,000. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Zymeworks Price Performance

The firm’s fifty day moving average price is $14.17 and its 200-day moving average price is $11.81. The company has a market cap of $973.93 million, a price-to-earnings ratio of -9.43 and a beta of 1.12.

Zymeworks (NYSE:ZYME) last posted its earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The firm had revenue of $16.00 million during the quarter, compared to analyst estimates of $17.90 million. During the same period in the previous year, the business posted ($0.41) EPS. Zymeworks’s revenue was down 3.1% on a year-over-year basis. As a group, equities analysts forecast that Zymeworks Inc. will post -1.43 earnings per share for the current fiscal year.

Zymeworks Company Profile

Zymeworks Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company’s lead product candidates include zanidatamab, a human epidermal growth factor receptor 2 (HER2) that is in Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.