Zymeworks (NYSE:ZYME) Reaches New 12-Month High on Analyst Upgrade

Zymeworks Inc. (NYSE:ZYME)’s stock price hit a new 52-week high during mid-day trading on Monday after Citigroup raised their price target on the stock from $16.00 to $18.00. Citigroup currently has a buy rating on the stock. Zymeworks traded as high as $14.20 and last traded at $13.98, with a volume of 146127 shares changing hands. The stock had previously closed at $13.28.

A number of other research firms have also weighed in on ZYME. Wells Fargo & Company lowered shares of Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 price target for the company. in a report on Friday, November 1st. Stifel Nicolaus raised their target price on Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $12.00 target price on shares of Zymeworks in a research report on Friday, November 1st.

Institutional Trading of Zymeworks

Several institutional investors have recently added to or reduced their stakes in ZYME. China Universal Asset Management Co. Ltd. grew its holdings in Zymeworks by 64.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,665 shares of the company’s stock worth $171,000 after acquiring an additional 5,359 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Zymeworks during the third quarter worth about $47,000. Assenagon Asset Management S.A. acquired a new position in Zymeworks in the third quarter worth about $4,156,000. nVerses Capital LLC bought a new stake in Zymeworks in the third quarter valued at about $79,000. Finally, Ritholtz Wealth Management raised its stake in Zymeworks by 52.4% during the third quarter. Ritholtz Wealth Management now owns 70,169 shares of the company’s stock valued at $881,000 after buying an additional 24,136 shares in the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

Zymeworks Stock Down 0.7 %

The stock has a market cap of $1.04 billion, a price-to-earnings ratio of -9.84 and a beta of 1.16. The company has a 50 day simple moving average of $12.65 and a 200-day simple moving average of $10.52.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.01. The firm had revenue of $16.00 million for the quarter, compared to analysts’ expectations of $17.90 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period last year, the business posted ($0.41) earnings per share. On average, equities research analysts expect that Zymeworks Inc. will post -0.92 EPS 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.