Zymeworks (NYSE:ZYME) Price Target Cut to $12.00

Zymeworks (NYSE:ZYME) had its target price lowered by Wells Fargo & Company from $14.00 to $12.00 in a research report report published on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Zymeworks Price Performance

Zymeworks stock opened at $9.20 on Friday. The firm has a market capitalization of $649.24 million, a P/E ratio of -5.14 and a beta of 1.16. Zymeworks has a one year low of $6.01 and a one year high of $13.14. The business has a fifty day moving average price of $10.12 and a 200-day moving average price of $9.73.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings results on Wednesday, March 6th. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.19. Zymeworks had a negative return on equity of 28.24% and a negative net margin of 249.63%. The firm had revenue of $16.93 million for the quarter, compared to analysts’ expectations of $18.32 million. Sell-side analysts expect that Zymeworks will post -1.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Rubric Capital Management LP increased its stake in Zymeworks by 31.1% in the fourth quarter. Rubric Capital Management LP now owns 3,475,384 shares of the company’s stock valued at $36,109,000 after acquiring an additional 823,990 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Zymeworks by 742.4% during the 3rd quarter. Acadian Asset Management LLC now owns 825,988 shares of the company’s stock valued at $5,233,000 after purchasing an additional 727,934 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Zymeworks by 70.3% during the 3rd quarter. AQR Capital Management LLC now owns 799,679 shares of the company’s stock valued at $5,070,000 after purchasing an additional 330,213 shares during the last quarter. Jupiter Asset Management Ltd. raised its holdings in shares of Zymeworks by 913.0% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 474,724 shares of the company’s stock valued at $3,010,000 after buying an additional 427,860 shares in the last quarter. Finally, Monaco Asset Management SAM lifted its position in Zymeworks by 1.6% in the 3rd quarter. Monaco Asset Management SAM now owns 416,275 shares of the company’s stock worth $2,639,000 after buying an additional 6,755 shares during the last quarter. Hedge funds and other institutional investors 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.