Zymeworks Inc. (NASDAQ:ZYME – Get Free Report)’s stock price was down 5.8% during trading on Monday . The stock traded as low as $25.06 and last traded at $24.7820. Approximately 54,788 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 709,559 shares. The stock had previously closed at $26.31.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on the stock. HC Wainwright restated a “buy” rating and set a $46.00 price target on shares of Zymeworks in a research report on Wednesday, June 3rd. Truist Financial set a $28.00 price objective on Zymeworks and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Wells Fargo & Company lifted their price objective on Zymeworks from $34.00 to $37.00 and gave the company an “overweight” rating in a research note on Tuesday, June 30th. Citigroup restated a “buy” rating on shares of Zymeworks in a research report on Tuesday, June 30th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Zymeworks in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $37.00.
Read Our Latest Stock Analysis on Zymeworks
Zymeworks Stock Performance
Zymeworks (NASDAQ:ZYME – Get Free Report) last issued its quarterly earnings results on Tuesday, March 31st. The company reported ($0.59) EPS for the quarter. The business had revenue of $2.41 million for the quarter. Zymeworks had a negative net margin of 126.92% and a negative return on equity of 37.97%. As a group, sell-side analysts forecast that Zymeworks Inc. will post 1.1 EPS for the current fiscal year.
Zymeworks announced that its Board of Directors has initiated a share buyback plan on Thursday, May 14th that allows the company to repurchase $125.00 million in shares. This repurchase authorization allows the company to reacquire up to 7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
Hedge Funds Weigh In On Zymeworks
Large investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd purchased a new stake in Zymeworks during the fourth quarter valued at about $37,000. Quarry LP purchased a new position in shares of Zymeworks in the third quarter worth about $50,000. Tower Research Capital LLC TRC increased its holdings in shares of Zymeworks by 29.6% in the second quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock worth $62,000 after buying an additional 1,131 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Zymeworks by 25.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company’s stock valued at $96,000 after acquiring an additional 731 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in shares of Zymeworks by 157.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company’s stock valued at $129,000 after acquiring an additional 6,307 shares during the last quarter. Hedge funds and other institutional investors own 92.89% of the company’s stock.
Zymeworks Company Profile
Zymeworks Inc is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics. The company specializes in engineered antibody and protein therapeutics designed to address a range of unmet medical needs in oncology and other serious diseases. Through its proprietary platforms, Zymeworks aims to create novel bispecific and multispecific molecules that can simultaneously engage multiple targets and recruit immune effector functions to enhance potency and specificity.
At the core of Zymeworks’ innovation is its Azymetric™ bispecific antibody platform, which enables the design of asymmetrical bispecific antibodies with controlled assembly and high stability.
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