Zymeworks (NYSE:ZYME) Trading 7.2% Higher – Here’s Why

Zymeworks Inc. (NYSE:ZYME)’s stock price traded up 7.2% during mid-day trading on Friday . The stock traded as high as $18.35 and last traded at $18.15. 156,701 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 537,947 shares. The stock had previously closed at $16.92.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Citigroup upped their price objective on shares of Zymeworks from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. B. Riley assumed coverage on shares of Zymeworks in a research note on Friday. They set a “buy” rating and a $30.00 price objective on the stock. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $13.00 price objective on shares of Zymeworks in a research note on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Zymeworks Price Performance

The company has a market capitalization of $1.36 billion, a P/E ratio of -12.04 and a beta of 1.51. The stock’s 50 day simple moving average is $15.16 and its two-hundred day simple moving average is $13.27.

Zymeworks (NYSE:ZYME) last announced its earnings results on Thursday, August 7th. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.55. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The company had revenue of $48.73 million during the quarter, compared to the consensus estimate of $17.18 million. During the same period in the previous year, the firm posted ($0.49) earnings per share. The company’s revenue was up 153.2% on a year-over-year basis. As a group, equities research analysts expect that Zymeworks Inc. will post -1.39 earnings per share for the current year.

Hedge Funds Weigh In On Zymeworks

A number of institutional investors have recently modified their holdings of ZYME. EcoR1 Capital LLC raised its stake in shares of Zymeworks by 33.1% in the second quarter. EcoR1 Capital LLC now owns 22,970,388 shares of the company’s stock worth $288,278,000 after acquiring an additional 5,710,840 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Zymeworks by 184.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,879,945 shares of the company’s stock worth $46,210,000 after buying an additional 2,514,834 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Zymeworks by 169.2% during the third quarter. Assenagon Asset Management S.A. now owns 1,326,774 shares of the company’s stock worth $22,661,000 after buying an additional 833,994 shares during the last quarter. Vestal Point Capital LP raised its stake in shares of Zymeworks by 130.0% during the second quarter. Vestal Point Capital LP now owns 1,150,000 shares of the company’s stock worth $14,432,000 after buying an additional 650,000 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new stake in shares of Zymeworks during the second quarter worth approximately $5,974,000. 92.89% of the stock is owned by institutional investors.

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.