Wells Fargo & Company Issues Positive Forecast for Zymeworks (NYSE:ZYME) Stock Price

Zymeworks (NYSE:ZYME) had its target price raised by research analysts at Wells Fargo & Company from $15.00 to $17.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 3.28% from the stock’s previous close.

ZYME has been the topic of a number of other reports. HC Wainwright reissued a “buy” rating on shares of Zymeworks in a research note on Monday, October 27th. JPMorgan Chase & Co. upped their price target on shares of Zymeworks from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Citigroup increased their price target on shares of Zymeworks from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. Finally, B. Riley assumed coverage on shares of Zymeworks in a research note on Friday, October 10th. They set a “buy” rating and a $30.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Zymeworks has a consensus rating of “Moderate Buy” and an average price target of $24.67.

Zymeworks Stock Down 8.0%

Shares of ZYME traded down $1.44 on Friday, hitting $16.46. 1,481,623 shares of the stock traded hands, compared to its average volume of 578,295. Zymeworks has a 1 year low of $9.03 and a 1 year high of $19.98. The stock’s 50 day moving average is $16.92 and its two-hundred day moving average is $14.24. The firm has a market capitalization of $1.24 billion, a P/E ratio of -10.97 and a beta of 1.48.

Zymeworks (NYSE:ZYME) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.02. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%.The company had revenue of $27.61 million during the quarter, compared to the consensus estimate of $33.69 million. During the same period in the previous year, the firm posted ($0.39) EPS. Zymeworks’s revenue was up 72.6% on a year-over-year basis. Research analysts forecast that Zymeworks will post -1.39 EPS for the current year.

Hedge Funds Weigh In On Zymeworks

Several hedge funds and other institutional investors have recently bought and sold shares of ZYME. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Zymeworks by 184.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,879,945 shares of the company’s stock valued at $46,210,000 after purchasing an additional 2,514,834 shares in the last quarter. Nuveen LLC purchased a new position in Zymeworks in the 1st quarter valued at about $2,368,000. EcoR1 Capital LLC grew its stake in shares of Zymeworks by 14.8% during the first quarter. EcoR1 Capital LLC now owns 17,259,548 shares of the company’s stock valued at $205,561,000 after acquiring an additional 2,231,469 shares in the last quarter. Vestal Point Capital LP increased its position in shares of Zymeworks by 170.3% during the first quarter. Vestal Point Capital LP now owns 500,000 shares of the company’s stock worth $5,955,000 after acquiring an additional 315,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Zymeworks by 1.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 133,639 shares of the company’s stock worth $1,592,000 after acquiring an additional 2,333 shares in the last quarter. 92.89% of the stock is 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.