Zymeworks (NASDAQ:ZYME) Earns Outperform Rating from Analysts at Wolfe Research

Wolfe Research assumed coverage on shares of Zymeworks (NASDAQ:ZYME) in a research report released on Thursday morning, MarketBeat.com reports. The firm issued an outperform rating on the stock.

Several other research analysts have also weighed in on ZYME. Truist Financial upped their price target on Zymeworks from $31.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, August 7th. HC Wainwright upped their target price on Zymeworks from $51.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, August 26th. Wells Fargo & Company raised their price target on shares of Zymeworks from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Stifel Nicolaus set a $46.00 price objective on Zymeworks in a research report on Friday, August 7th. Finally, Citigroup reissued a “market outperform” rating on shares of Zymeworks in a research report on Wednesday, August 26th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Zymeworks currently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Zymeworks Price Performance

Zymeworks stock opened at $26.57 on Thursday. The firm’s 50 day simple moving average is $25.75 and its 200-day simple moving average is $25.35. The company has a market cap of $1.89 billion, a P/E ratio of -13.15 and a beta of 1.19. Zymeworks has a fifty-two week low of $15.81 and a fifty-two week high of $31.34.

Zymeworks (NASDAQ:ZYME) last posted its quarterly earnings data on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.06). Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.The firm had revenue of $3.23 million during the quarter, compared to analyst estimates of $4.54 million. During the same period in the prior year, the business posted $0.03 EPS. The company’s revenue for the quarter was down 90.6% on a year-over-year basis. On average, analysts expect that Zymeworks will post 1.38 EPS for the current fiscal year.

Institutional Trading of Zymeworks

Several institutional investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC grew its stake 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 purchasing an additional 420 shares during the period. Tema ETFs LLC lifted its position in shares of Zymeworks by 0.7% during the second quarter. Tema ETFs LLC now owns 105,615 shares of the company’s stock worth $2,761,000 after purchasing an additional 684 shares in the last quarter. Tidal Investments LLC boosted its position in Zymeworks by 0.7% in the 2nd quarter. Tidal Investments LLC now owns 105,615 shares of the company’s stock valued at $2,761,000 after buying an additional 684 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Zymeworks by 10.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 8,507 shares of the company’s stock worth $221,000 after purchasing an additional 800 shares during the period. Finally, Nykredit A S acquired a new stake in shares of Zymeworks during the 2nd quarter worth approximately $25,000. 92.89% of the stock is currently owned by institutional investors and hedge funds.

About Zymeworks

Zymeworks Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for cancer and other serious diseases. The company uses its proprietary Azymetric and EFECT antibody-engineering platforms to design multifunctional biotherapeutics, including bispecific antibodies and antibody-drug conjugates intended to address complex disease biology.

Zymeworks’ leading product is zanidatamab, a bispecific antibody targeting HER2. In the United States, zanidatamab is marketed as Ziiたhera for previously treated, unresectable or metastatic HER2-positive biliary tract cancer.