Zymeworks (NYSE:ZYME) Given New $19.00 Price Target at Citigroup

Zymeworks (NYSE:ZYME) had its price target raised by investment analysts at Citigroup from $18.00 to $19.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 58.33% from the stock’s previous close.

ZYME has been the subject of several other research reports. Wells Fargo & Company lifted their price target on Zymeworks from $12.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Thursday, December 19th. HC Wainwright reaffirmed a “neutral” rating and set a $12.00 price target on shares of Zymeworks in a research note on Friday, November 22nd. Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $10.00 to $25.00 in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. upgraded Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective on the stock in a report on Monday, December 16th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.33.

Zymeworks Stock Performance

NYSE:ZYME opened at $12.00 on Friday. The firm has a market capitalization of $826.54 million, a price-to-earnings ratio of -8.00 and a beta of 1.13. Zymeworks has a 52-week low of $7.97 and a 52-week high of $17.70. The stock has a fifty day moving average of $14.14 and a 200 day moving average of $13.64.

Insider Transactions at Zymeworks

In related news, EVP Jeffrey T. L. Smith sold 11,110 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $14.92, for a total value of $165,761.20. Following the transaction, the executive vice president now directly owns 8,890 shares of the company’s stock, valued at approximately $132,638.80. This represents a 55.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ecor1 Capital, Llc acquired 11,958 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was acquired at an average cost of $14.12 per share, for a total transaction of $168,846.96. Following the completion of the transaction, the director now directly owns 14,704,239 shares in the company, valued at $207,623,854.68. This represents a 0.08 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 603,539 shares of company stock valued at $8,384,708 and have sold 89,601 shares valued at $1,336,847. Insiders own 1.92% of the company’s stock.

Hedge Funds Weigh In On Zymeworks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ZYME. Sterling Capital Management LLC lifted its position in Zymeworks by 781.5% in the 4th quarter. Sterling Capital Management LLC now owns 1,719 shares of the company’s stock valued at $25,000 after acquiring an additional 1,524 shares in the last quarter. AlphaQuest LLC lifted its position in Zymeworks by 480.2% in the 4th quarter. AlphaQuest LLC now owns 2,808 shares of the company’s stock valued at $41,000 after acquiring an additional 2,324 shares in the last quarter. FMR LLC lifted its position in Zymeworks by 84.2% in the 3rd quarter. FMR LLC now owns 3,336 shares of the company’s stock valued at $42,000 after acquiring an additional 1,525 shares in the last quarter. BNP Paribas Financial Markets bought a new position in Zymeworks in the 4th quarter valued at approximately $108,000. Finally, Tower Research Capital LLC TRC raised its stake in Zymeworks by 343.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 9,704 shares of the company’s stock valued at $142,000 after buying an additional 7,518 shares during the last quarter. 92.89% of the stock is owned by institutional investors.

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.