Zymeworks (NYSE:ZYME) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Zymeworks (NYSE:ZYME) had its target price boosted by equities research analysts at Wells Fargo & Company from $12.00 to $14.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 0.99% from the stock’s previous close.

Several other analysts also recently weighed in on ZYME. Leerink Partners raised shares of Zymeworks from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $10.00 to $25.00 in a research note on Thursday, November 7th. JPMorgan Chase & Co. raised Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective for the company in a report on Monday, December 16th. Citigroup boosted their price target on Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. HC Wainwright reissued a “neutral” rating and set a $12.00 price target on shares of Zymeworks in a report on Friday, November 22nd. Finally, Stifel Nicolaus upped their price objective on shares of Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Zymeworks presently has a consensus rating of “Moderate Buy” and an average price target of $19.17.

Zymeworks Trading Up 4.1 %

Shares of Zymeworks stock opened at $14.14 on Thursday. The stock has a market capitalization of $973.93 million, a price-to-earnings ratio of -9.43 and a beta of 1.12. Zymeworks has a twelve month low of $7.97 and a twelve month high of $17.70. The business’s 50 day simple moving average is $14.17 and its 200-day simple moving average is $11.81.

Zymeworks (NYSE:ZYME) last issued its earnings results 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. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The firm had revenue of $16.00 million for the quarter, compared to analyst estimates of $17.90 million. During the same period last year, the company earned ($0.41) earnings per share. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. Sell-side analysts predict that Zymeworks will post -1.43 earnings per share for the current year.

Hedge Funds Weigh In On Zymeworks

Several large investors have recently made changes to their positions in ZYME. Point72 Asset Management L.P. bought a new stake in shares of Zymeworks during the 2nd quarter worth $1,683,000. Rubric Capital Management LP boosted its position in shares of Zymeworks by 12.7% in the 2nd quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company’s stock valued at $33,336,000 after purchasing an additional 441,947 shares during the period. 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 worth $7,718,000 after purchasing an additional 175,000 shares in the last quarter. Squarepoint Ops LLC raised its holdings in Zymeworks by 401.9% during the 2nd quarter. Squarepoint Ops LLC now owns 73,324 shares of the company’s stock worth $624,000 after buying an additional 58,716 shares during the period. Finally, Perceptive Advisors LLC lifted its stake in Zymeworks by 55.2% during the second quarter. Perceptive Advisors LLC now owns 1,667,711 shares of the company’s stock valued at $14,192,000 after buying an additional 592,904 shares in the last quarter. Institutional investors 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.