Zymeworks (NYSE:ZYME) Hits New 1-Year High Following Analyst Upgrade

Zymeworks Inc. (NYSE:ZYME) reached a new 52-week high on Monday after Citigroup raised their price target on the stock from $16.00 to $18.00. Citigroup currently has a buy rating on the stock. Zymeworks traded as high as $14.20 and last traded at $13.98, with a volume of 146127 shares. The stock had previously closed at $13.28.

Other research analysts have also issued reports about the stock. Wells Fargo & Company lowered shares of Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 target price on the stock. in a report on Friday, November 1st. HC Wainwright reissued a “neutral” rating and set a $12.00 price objective on shares of Zymeworks in a research note on Friday, November 1st. Finally, Stifel Nicolaus lifted their target price on shares of Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, October 28th.

Institutional Trading of Zymeworks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ZYME. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Zymeworks by 64.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 13,665 shares of the company’s stock worth $171,000 after acquiring an additional 5,359 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in Zymeworks during the third quarter worth approximately $47,000. Assenagon Asset Management S.A. acquired a new position in shares of Zymeworks in the 3rd quarter valued at $4,156,000. nVerses Capital LLC acquired a new position in shares of Zymeworks in the 3rd quarter valued at $79,000. Finally, Ritholtz Wealth Management grew its stake in shares of Zymeworks by 52.4% during the 3rd quarter. Ritholtz Wealth Management now owns 70,169 shares of the company’s stock valued at $881,000 after buying an additional 24,136 shares during the period. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Zymeworks Stock Performance

The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -9.84 and a beta of 1.16. The business has a fifty day moving average price of $12.65 and a 200 day moving average price of $10.52.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.01. The company had revenue of $16.00 million during the quarter, compared to analyst estimates of $17.90 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The firm’s revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.41) earnings per share. On average, analysts expect that Zymeworks Inc. will post -0.92 earnings per share 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.