Analysts Set Zymeworks Inc. (NYSE:ZYME) PT at $24.75

Zymeworks Inc. (NYSE:ZYME) has received an average rating of “Buy” from the eleven analysts that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $24.8750.

A number of analysts have recently issued reports on the stock. HC Wainwright set a $26.00 price objective on shares of Zymeworks and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Citigroup increased their price target on Zymeworks from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. Wells Fargo & Company initiated coverage on Zymeworks in a research report on Friday. They issued an “equal weight” rating and a $15.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on Zymeworks from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Finally, B. Riley assumed coverage on Zymeworks in a report on Friday, October 10th. They issued a “buy” rating and a $30.00 price target on the stock.

Institutional Trading of Zymeworks

Institutional investors and hedge funds have recently bought and sold shares of the stock. EcoR1 Capital LLC boosted its holdings in shares of 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 purchasing an additional 5,710,840 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted 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 worth $46,210,000 after buying an additional 2,514,834 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Zymeworks by 169.2% during the third quarter. Assenagon Asset Management S.A. now owns 1,326,774 shares of the company’s stock valued at $22,661,000 after buying an additional 833,994 shares during the last quarter. Vestal Point Capital LP boosted its stake in Zymeworks by 130.0% during the second quarter. Vestal Point Capital LP now owns 1,150,000 shares of the company’s stock valued at $14,432,000 after buying an additional 650,000 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new position in Zymeworks during the 2nd quarter valued at approximately $5,974,000. 92.89% of the stock is currently owned by institutional investors.

Zymeworks Stock Up 1.9%

NYSE ZYME opened at $17.74 on Friday. Zymeworks has a 52 week low of $9.03 and a 52 week high of $19.50. The company has a market capitalization of $1.33 billion, a P/E ratio of -11.83 and a beta of 1.51. The stock’s 50-day moving average price is $16.18 and its 200-day moving average price is $13.76.

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