Zymeworks (NYSE:ZYME) Price Target Raised to $22.00

Zymeworks (NYSE:ZYME) had its price target boosted by Citigroup from $19.00 to $22.00 in a report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also recently commented on the company. TD Cowen began coverage on Zymeworks in a research report on Tuesday, May 20th. They issued a “buy” rating for the company. TD Securities began coverage on Zymeworks in a research report on Tuesday, May 20th. They issued a “buy” rating for the company. Finally, HC Wainwright reaffirmed a “neutral” rating and issued a $13.00 target price on shares of Zymeworks in a research report on Thursday, July 3rd. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.43.

Zymeworks Trading Up 7.1%

ZYME opened at $13.94 on Monday. Zymeworks has a 1-year low of $9.03 and a 1-year high of $17.70. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of -9.29 and a beta of 1.26. The business has a 50 day moving average of $12.99 and a 200-day moving average of $12.66.

Zymeworks (NYSE:ZYME) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.55. The company had revenue of $48.73 million during the quarter, compared to analysts’ expectations of $17.18 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. Zymeworks’s revenue for the quarter was up 153.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.49) earnings per share. Equities analysts predict that Zymeworks will post -1.39 EPS for the current year.

Insider Transactions at Zymeworks

In related news, Director Ecor1 Capital, Llc acquired 5,919 shares of the company’s stock in a transaction on Monday, May 19th. The stock was purchased at an average cost of $11.78 per share, for a total transaction of $69,725.82. Following the completion of the purchase, the director directly owned 17,883,908 shares of the company’s stock, valued at $210,672,436.24. The trade was a 0.03% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.92% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Sterling Capital Management LLC raised its stake in Zymeworks by 781.5% during the fourth quarter. Sterling Capital Management LLC now owns 1,719 shares of the company’s stock worth $25,000 after acquiring an additional 1,524 shares in the last quarter. CWM LLC raised its stake in Zymeworks by 1,091.2% during the first quarter. CWM LLC now owns 2,299 shares of the company’s stock worth $27,000 after acquiring an additional 2,106 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Zymeworks by 1,113.3% in the first quarter. GAMMA Investing LLC now owns 6,467 shares of the company’s stock valued at $77,000 after buying an additional 5,934 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Zymeworks in the fourth quarter valued at $108,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Zymeworks by 343.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,704 shares of the company’s stock valued at $142,000 after buying an additional 7,518 shares in the last quarter. 92.89% of the stock is currently owned by institutional investors and hedge funds.

About Zymeworks

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.