Zymeworks (NYSE:ZYME) Reaches New 12-Month High – Still a Buy?

Zymeworks Inc. (NYSE:ZYME)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $20.17 and last traded at $19.8250, with a volume of 513974 shares traded. The stock had previously closed at $19.68.

Wall Street Analysts Forecast Growth

ZYME has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price objective on Zymeworks from $15.00 to $17.00 and gave the company an “equal weight” rating in a research note on Friday, November 7th. HC Wainwright reissued a “buy” rating on shares of Zymeworks in a report on Monday, October 27th. B. Riley began coverage on shares of Zymeworks in a report on Friday, October 10th. They set a “buy” rating and a $30.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective 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. Finally, Citigroup increased their target price on shares of Zymeworks from $19.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, August 11th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Zymeworks has an average rating of “Moderate Buy” and an average price target of $24.67.

Zymeworks Stock Performance

The stock’s 50 day moving average is $17.13 and its 200 day moving average is $14.39. The company has a market capitalization of $1.49 billion, a PE ratio of -13.24 and a beta of 1.48.

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

Institutional Trading of Zymeworks

A number of institutional investors have recently added to or reduced their stakes in the stock. EcoR1 Capital LLC grew its holdings in Zymeworks by 33.1% during the 2nd quarter. EcoR1 Capital LLC now owns 22,970,388 shares of the company’s stock valued at $288,278,000 after buying an additional 5,710,840 shares in the last quarter. Rubric Capital Management LP lifted its holdings in shares of Zymeworks by 8.6% in the second quarter. Rubric Capital Management LP now owns 4,710,551 shares of the company’s stock worth $59,117,000 after buying an additional 372,107 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Zymeworks by 184.2% in the first 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 acquiring an additional 2,514,834 shares during the period. Deutsche Bank AG grew its stake in Zymeworks by 0.4% during the first quarter. Deutsche Bank AG now owns 1,552,612 shares of the company’s stock valued at $18,492,000 after acquiring an additional 5,840 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Zymeworks by 169.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,326,774 shares of the company’s stock worth $22,661,000 after acquiring an additional 833,994 shares during the period. Hedge funds and other institutional investors own 92.89% of the company’s stock.

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.