Zymeworks (NYSE:ZYME) Trading Up 4.3% After 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 trading, a decline of 86% from the average session volume of 606,086 shares. The stock had previously closed at $12.74.

A number of other analysts have also recently commented on the company. Stifel Nicolaus lifted their price objective on Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Citigroup lifted their price target on shares of Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, November 4th. JPMorgan Chase & Co. raised shares of Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective for the company in a research report on Monday, December 16th. Leerink Partnrs upgraded shares of Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Finally, HC Wainwright reiterated a “neutral” rating and issued a $12.00 price target on shares of Zymeworks in a report on Friday, November 22nd. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $19.17.

Hedge Funds Weigh In On Zymeworks

Hedge funds have recently made changes to their positions in the stock. FMR LLC raised its position in shares of Zymeworks by 84.2% in the 3rd quarter. FMR LLC now owns 3,336 shares of the company’s stock worth $42,000 after buying an additional 1,525 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in Zymeworks during the third quarter worth about $47,000. nVerses Capital LLC purchased a new position in shares of Zymeworks in the 3rd quarter worth about $79,000. Quest Partners LLC lifted its stake in shares of Zymeworks by 8,049.6% in the 2nd quarter. Quest Partners LLC now owns 9,209 shares of the company’s stock valued at $78,000 after purchasing an additional 9,096 shares in the last quarter. Finally, MQS Management LLC acquired a new position in shares of Zymeworks in the 2nd quarter valued at about $92,000. Institutional investors and hedge funds own 92.89% of the company’s stock.

Zymeworks Stock Performance

The stock has a fifty day moving average price of $14.17 and a 200-day moving average price of $11.81. The firm has a market cap of $973.93 million, a PE ratio of -9.43 and a beta of 1.12.

Zymeworks (NYSE:ZYME) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.01. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The company had revenue of $16.00 million during the quarter, compared to the consensus estimate of $17.90 million. Zymeworks’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.41) earnings per share. As a group, equities 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.