Zymeworks (NYSE:ZYME) Trading 4.3% Higher on Analyst Upgrade

Zymeworks Inc. (NYSE:ZYME) shares shot up 4.3% on Thursday after Wells Fargo & Company raised their price target on the stock from $12.00 to $14.00. Wells Fargo & Company currently has an equal weight rating on the stock. Zymeworks traded as high as $13.34 and last traded at $13.29. 83,090 shares were traded during mid-day trading, a decline of 86% from the average session volume of 606,086 shares. The stock had previously closed at $12.74.

Several other research firms have also weighed in on ZYME. Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $10.00 to $25.00 in a report on Thursday, November 7th. HC Wainwright reiterated a “neutral” rating and issued a $12.00 price objective on shares of Zymeworks in a research report on Friday, November 22nd. Leerink Partnrs raised Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Stifel Nicolaus lifted their price target on shares of Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Finally, Citigroup increased their price objective on shares of Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.17.

Institutional Trading of Zymeworks

A number of hedge funds and other institutional investors have recently made changes to their positions in ZYME. Perceptive Advisors LLC lifted its position in Zymeworks by 55.2% during the 2nd quarter. Perceptive Advisors LLC now owns 1,667,711 shares of the company’s stock worth $14,192,000 after buying an additional 592,904 shares in the last quarter. Rubric Capital Management LP increased its position in shares of Zymeworks by 12.7% in the second quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company’s stock valued at $33,336,000 after acquiring an additional 441,947 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Zymeworks by 127.5% during the second quarter. Dimensional Fund Advisors LP now owns 715,632 shares of the company’s stock worth $6,090,000 after acquiring an additional 401,068 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Zymeworks during the third quarter worth about $4,156,000. Finally, Point72 Asset Management L.P. acquired a new position in Zymeworks during the second quarter valued at approximately $1,683,000. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Zymeworks Stock Up 6.6 %

The stock has a market capitalization of $935.36 million, a P/E ratio of -9.05 and a beta of 1.12. The stock has a 50 day simple moving average of $14.16 and a two-hundred day simple moving average of $11.79.

Zymeworks (NYSE:ZYME) last issued its earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. The business had revenue of $16.00 million for the quarter, compared to the consensus estimate of $17.90 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.41) earnings per share. Sell-side analysts predict that Zymeworks Inc. will post -1.43 earnings per share for the current fiscal 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.