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

Zymeworks Inc. (NYSE:ZYME) was 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. Approximately 83,090 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 606,086 shares. The stock had previously closed at $12.74.

Several other equities research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price target for the company in a research report on Monday. Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Citigroup raised their target price on shares of Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Leerink Partners upgraded shares of Zymeworks from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $10.00 to $25.00 in a research note on Thursday, November 7th. 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 report on Monday, October 28th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Zymeworks has a consensus rating of “Moderate Buy” and a consensus price target of $19.17.

Institutional Investors Weigh In On Zymeworks

Several institutional investors have recently made changes to their positions in the company. Perceptive Advisors LLC increased 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 valued at $14,192,000 after purchasing an additional 592,904 shares during the period. Rubric Capital Management LP lifted its position in Zymeworks by 12.7% during the 2nd quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company’s stock worth $33,336,000 after acquiring an additional 441,947 shares during the period. Dimensional Fund Advisors LP boosted its position in Zymeworks by 127.5% in the second quarter. Dimensional Fund Advisors LP now owns 715,632 shares of the company’s stock valued at $6,090,000 after buying an additional 401,068 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Zymeworks in the third quarter worth $4,156,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of Zymeworks during the 2nd quarter valued at about $1,683,000. Institutional investors own 92.89% of the company’s stock.

Zymeworks Price Performance

The company has a market capitalization of $913.32 million, a price-to-earnings ratio of -8.84 and a beta of 1.12. The stock has a fifty day simple moving average of $14.16 and a 200-day simple moving average of $11.79.

Zymeworks (NYSE:ZYME) last posted its quarterly earnings data 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 company had revenue of $16.00 million during the quarter, compared to analysts’ expectations 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 prior year, the business posted ($0.41) earnings per share. As a group, equities analysts expect that Zymeworks Inc. will post -1.43 EPS 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.