Zymeworks (NYSE:ZYME) Trading Down 3.3% – Here’s Why

Zymeworks Inc. (NYSE:ZYME)’s stock price dropped 3.3% during trading on Thursday . The stock traded as low as $13.40 and last traded at $14.07. Approximately 183,347 shares traded hands during trading, a decline of 70% from the average daily volume of 620,340 shares. The stock had previously closed at $14.55.

Wall Street Analyst Weigh In

ZYME has been the subject of several analyst reports. Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. HC Wainwright reissued a “neutral” rating and set a $12.00 price target on shares of Zymeworks in a report on Friday, November 1st. Wells Fargo & Company downgraded shares of Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 price objective for the company. in a report on Friday, November 1st. 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. Finally, Stifel Nicolaus upped their price target 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. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Zymeworks Trading Down 2.8 %

The stock’s fifty day moving average is $13.67 and its two-hundred day moving average is $11.12.

Zymeworks (NYSE:ZYME) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.01. The business 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 company’s revenue was down 3.1% compared to the same quarter last year. During the same period last year, the company posted ($0.41) EPS. On average, equities research analysts predict that Zymeworks Inc. will post -1.01 EPS for the current fiscal year.

Institutional Trading of Zymeworks

Several hedge funds and other institutional investors have recently modified their holdings of ZYME. Barclays PLC lifted its stake in Zymeworks by 476.3% in the 3rd quarter. Barclays PLC now owns 154,384 shares of the company’s stock worth $1,937,000 after acquiring an additional 127,595 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Zymeworks by 27.3% in the third quarter. Jane Street Group LLC now owns 80,326 shares of the company’s stock worth $1,008,000 after purchasing an additional 17,205 shares in the last quarter. State Street Corp boosted its holdings in shares of Zymeworks by 6.1% during the third quarter. State Street Corp now owns 1,171,777 shares of the company’s stock worth $14,706,000 after purchasing an additional 67,401 shares during the period. Stifel Financial Corp grew its position in Zymeworks by 2.1% during the third quarter. Stifel Financial Corp now owns 73,654 shares of the company’s stock valued at $924,000 after purchasing an additional 1,540 shares in the last quarter. Finally, Vestal Point Capital LP increased its stake in Zymeworks by 39.8% in the 3rd quarter. Vestal Point Capital LP now owns 615,000 shares of the company’s stock valued at $7,718,000 after buying an additional 175,000 shares during the period. Institutional investors and hedge funds own 92.89% of the company’s stock.

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.