Zymeworks (NASDAQ:ZYME – Free Report) had its price target increased by JPMorgan Chase & Co. from $31.00 to $33.00 in a research note released on Thursday,Benzinga reports. They currently have an overweight rating on the stock.
ZYME has been the topic of several other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Zymeworks in a research note on Friday, July 17th. Citizens Jmp restated a “market outperform” rating and issued a $32.00 price target on shares of Zymeworks in a research note on Wednesday, August 26th. HC Wainwright upped their price target on Zymeworks from $51.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, August 26th. Truist Financial increased their price objective on Zymeworks from $31.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Finally, B. Riley Financial reiterated a “buy” rating and issued a $44.00 price objective (up from $40.00) on shares of Zymeworks in a report on Monday, August 10th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Zymeworks presently has an average rating of “Moderate Buy” and a consensus target price of $41.00.
View Our Latest Analysis on Zymeworks
Zymeworks Stock Performance
Zymeworks (NASDAQ:ZYME – Get Free Report) last issued its earnings results on Friday, August 7th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.06). Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.The firm had revenue of $3.23 million during the quarter, compared to the consensus estimate of $4.54 million. During the same quarter in the prior year, the company posted $0.03 EPS. The company’s quarterly revenue was down 90.6% on a year-over-year basis. On average, equities research analysts predict that Zymeworks will post 1.38 EPS for the current year.
Zymeworks announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 14th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the company to purchase up to 7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.
Hedge Funds Weigh In On Zymeworks
Institutional investors and hedge funds have recently modified their holdings of the company. Nykredit A S bought a new position in Zymeworks in the second quarter valued at about $25,000. Caitong International Asset Management Co. Ltd purchased a new position in Zymeworks in the fourth quarter worth about $37,000. State of Wyoming bought a new stake in shares of Zymeworks during the 2nd quarter valued at about $73,000. Quarry LP purchased a new stake in shares of Zymeworks during the 3rd quarter valued at about $50,000. Finally, Tower Research Capital LLC TRC increased its position in shares of Zymeworks by 29.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock valued at $62,000 after purchasing an additional 1,131 shares during the last quarter. 92.89% of the stock is currently owned by hedge funds and other institutional investors.
About Zymeworks
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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