HC Wainwright Reiterates Buy Rating for Zymeworks (NASDAQ:ZYME)

Zymeworks (NASDAQ:ZYME)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a research note issued on Wednesday, MarketBeat reports. They currently have a $46.00 price objective on the stock. HC Wainwright’s price objective would suggest a potential upside of 90.79% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the stock. Stifel Nicolaus lifted their price objective on shares of Zymeworks from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Zymeworks in a research report on Monday, April 20th. Leerink Partners raised their target price on shares of Zymeworks from $52.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. Wells Fargo & Company upped their price target on shares of Zymeworks from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Finally, Truist Financial upgraded Zymeworks to a “strong-buy” rating in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.00.

Zymeworks Price Performance

ZYME opened at $24.11 on Wednesday. Zymeworks has a 12 month low of $11.51 and a 12 month high of $29.75. The stock has a market cap of $1.76 billion, a P/E ratio of -17.60 and a beta of 1.15. The stock’s 50 day moving average price is $25.83 and its 200 day moving average price is $24.82.

Zymeworks (NASDAQ:ZYME) last announced its quarterly earnings results on Tuesday, March 31st. The company reported ($0.59) earnings per share (EPS) for the quarter. Zymeworks had a negative return on equity of 37.97% and a negative net margin of 126.92%.The business had revenue of $2.41 million for the quarter. Equities analysts anticipate that Zymeworks will post 1.64 EPS for the current year.

Zymeworks declared that its Board of Directors has approved a stock repurchase program on Thursday, May 14th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the company to purchase up to 7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Zymeworks

A number of large investors have recently made changes to their positions in ZYME. Janney Montgomery Scott LLC lifted its position in shares of Zymeworks by 3.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,487 shares of the company’s stock valued at $288,000 after acquiring an additional 420 shares in the last quarter. Federated Hermes Inc. grew its position in Zymeworks by 0.3% during the 3rd 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. Mirae Asset Global Investments Co. Ltd. raised its stake in Zymeworks by 25.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company’s stock valued at $96,000 after purchasing an additional 731 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Zymeworks by 10.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 8,507 shares of the company’s stock valued at $221,000 after purchasing an additional 800 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Zymeworks by 1.6% in the fourth quarter. Russell Investments Group Ltd. now owns 58,350 shares of the company’s stock valued at $1,536,000 after purchasing an additional 902 shares in the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Zymeworks

Zymeworks Inc is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics. The company specializes in engineered antibody and protein therapeutics designed to address a range of unmet medical needs in oncology and other serious diseases. Through its proprietary platforms, Zymeworks aims to create novel bispecific and multispecific molecules that can simultaneously engage multiple targets and recruit immune effector functions to enhance potency and specificity.

At the core of Zymeworks’ innovation is its Azymetric™ bispecific antibody platform, which enables the design of asymmetrical bispecific antibodies with controlled assembly and high stability.