Citigroup Issues Positive Forecast for Zymeworks (NYSE:ZYME) Stock Price

Zymeworks (NYSE:ZYME) had its price objective boosted by Citigroup from $16.00 to $18.00 in a research note released on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the stock. Stifel Nicolaus boosted their price objective on shares of Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Wells Fargo & Company cut shares of Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 target price for the company. in a research note on Friday, November 1st. Finally, HC Wainwright restated a “neutral” rating and set a $12.00 price objective on shares of Zymeworks in a report on Friday, November 1st. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Zymeworks Stock Performance

ZYME stock opened at $16.77 on Monday. The stock’s 50 day moving average price is $12.90 and its 200 day moving average price is $10.64. The firm has a market cap of $1.19 billion, a P/E ratio of -11.18 and a beta of 1.16. Zymeworks has a 1 year low of $6.83 and a 1 year high of $17.26.

Zymeworks (NYSE:ZYME) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 23.00% and a negative net margin of 182.75%. The business’s revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.41) earnings per share. On average, research analysts predict that Zymeworks will post -0.94 earnings per share for the current year.

Hedge Funds Weigh In On Zymeworks

A number of hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. acquired a new position in shares of Zymeworks in the 1st quarter valued at about $273,000. Empowered Funds LLC lifted its position in Zymeworks by 8.2% during the first quarter. Empowered Funds LLC now owns 295,783 shares of the company’s stock valued at $3,112,000 after buying an additional 22,367 shares in the last quarter. Swiss National Bank grew its stake in Zymeworks by 12.8% during the first quarter. Swiss National Bank now owns 83,000 shares of the company’s stock worth $873,000 after buying an additional 9,400 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Zymeworks in the first quarter worth $579,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Zymeworks by 153.3% in the 1st quarter. Russell Investments Group Ltd. now owns 68,388 shares of the company’s stock valued at $719,000 after acquiring an additional 41,384 shares during the period. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Zymeworks

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.