Zymeworks (NYSE:ZYME) Sees Unusually-High Trading Volume – Here’s What Happened

Zymeworks Inc. (NYSE:ZYME) saw an uptick in trading volume on Monday . 863,062 shares traded hands during mid-day trading, an increase of 29% from the previous session’s volume of 670,934 shares.The stock last traded at $23.9990 and had previously closed at $24.02.

Wall Street Analyst Weigh In

A number of research firms recently commented on ZYME. Citigroup increased their target price on Zymeworks from $19.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, August 11th. JPMorgan Chase & Co. raised their price objective on Zymeworks from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Leerink Partners set a $37.00 target price on Zymeworks in a research report on Monday, November 17th. Stifel Nicolaus increased their price target on shares of Zymeworks from $30.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, November 19th. Finally, HC Wainwright lifted their price target on shares of Zymeworks from $26.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, November 18th. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.13.

Zymeworks Stock Performance

The firm has a market cap of $1.87 billion, a PE ratio of -16.66 and a beta of 1.48. The company’s 50-day simple moving average is $18.19 and its two-hundred day simple moving average is $14.90.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.02. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The company had revenue of $27.61 million for the quarter, compared to analysts’ expectations of $33.69 million. During the same quarter in the previous year, the company earned ($0.39) earnings per share. Zymeworks’s quarterly revenue was up 72.6% on a year-over-year basis. On average, analysts expect that Zymeworks Inc. will post -1.39 EPS for the current year.

Institutional Investors Weigh In On Zymeworks

Several hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. raised its holdings in Zymeworks by 0.3% in the third quarter. Federated Hermes Inc. now owns 182,847 shares of the company’s stock worth $3,123,000 after purchasing an additional 577 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Zymeworks by 29.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock worth $62,000 after acquiring an additional 1,131 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Zymeworks by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company’s stock worth $386,000 after acquiring an additional 1,427 shares in the last quarter. Picton Mahoney Asset Management boosted its stake in Zymeworks by 0.7% during the first quarter. Picton Mahoney Asset Management now owns 208,029 shares of the company’s stock worth $2,477,000 after acquiring an additional 1,460 shares in the last quarter. Finally, Optiver Holding B.V. purchased a new stake in Zymeworks in the third quarter worth about $26,000. 92.89% of the stock is currently 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.