Zymeworks (NYSE:ZYME) Price Target Raised to $18.00

Zymeworks (NYSE:ZYME) had its price objective boosted by Citigroup from $16.00 to $18.00 in a research report report published on Monday, Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other research firms have also recently weighed in on ZYME. HC Wainwright reiterated a “neutral” rating and issued a $12.00 price target on shares of Zymeworks in a report on Friday, November 1st. Wells Fargo & Company cut Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 price objective on the stock. in a research note on Friday, November 1st. Finally, Stifel Nicolaus lifted their target price on Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, October 28th.

Zymeworks Trading Up 6.5 %

Shares of Zymeworks stock opened at $15.61 on Monday. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of -10.41 and a beta of 1.16. Zymeworks has a 1-year low of $6.83 and a 1-year high of $15.63. The firm’s 50-day moving average price is $12.80 and its two-hundred day moving average price is $10.59.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. The firm had revenue of $16.00 million for the quarter, compared to analyst estimates of $17.90 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period last year, the company earned ($0.41) EPS. As a group, equities research analysts predict that Zymeworks will post -0.94 EPS for the current year.

Institutional Trading of Zymeworks

A number of hedge funds have recently bought and sold shares of the business. Susquehanna Fundamental Investments LLC purchased a new stake in Zymeworks during the first quarter valued at about $579,000. O Shaughnessy Asset Management LLC raised its holdings in shares of Zymeworks by 51.5% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 255,497 shares of the company’s stock valued at $2,688,000 after buying an additional 86,797 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Zymeworks in the 2nd quarter worth approximately $1,683,000. Rubric Capital Management LP lifted its stake in Zymeworks by 12.7% in the second quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company’s stock worth $33,336,000 after purchasing an additional 441,947 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its holdings in Zymeworks by 401.9% during the 2nd quarter. Squarepoint Ops LLC now owns 73,324 shares of the company’s stock valued at $624,000 after acquiring an additional 58,716 shares during the period. 92.89% of the stock is currently owned by institutional investors.

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.