Zymeworks Inc. (NASDAQ:ZYME) Receives $38.00 Consensus PT from Brokerages

Shares of Zymeworks Inc. (NASDAQ:ZYME) have been assigned an average rating of “Moderate Buy” from the eleven analysts that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $38.00.

Several research firms have recently weighed in on ZYME. Stifel Nicolaus raised their price objective on shares of Zymeworks from $40.00 to $47.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. HC Wainwright raised their price objective on shares of Zymeworks from $32.00 to $46.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Truist Financial upgraded shares of Zymeworks to a “strong-buy” rating in a research report on Monday, April 27th. Wells Fargo & Company raised their price objective on shares of Zymeworks from $33.00 to $34.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Finally, Leerink Partners raised their price objective on shares of Zymeworks from $52.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, March 3rd.

Zymeworks Price Performance

NASDAQ ZYME opened at $25.61 on Monday. The company’s 50 day simple moving average is $25.63 and its two-hundred day simple moving average is $24.52. The stock has a market capitalization of $1.87 billion, a PE ratio of -18.69 and a beta of 1.20. Zymeworks has a 1 year low of $11.02 and a 1 year high of $29.75.

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

Zymeworks announced that its board has authorized a stock buyback plan on Thursday, May 14th that authorizes the company to buyback $125.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Zymeworks

A number of large investors have recently added to or reduced their stakes in ZYME. AQR Capital Management LLC raised its position in Zymeworks by 86.0% in the 1st quarter. AQR Capital Management LLC now owns 48,485 shares of the company’s stock worth $577,000 after purchasing an additional 22,411 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in 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 purchasing an additional 1,427 shares during the period. Jane Street Group LLC raised its position in Zymeworks by 487.0% in the 1st quarter. Jane Street Group LLC now owns 135,763 shares of the company’s stock worth $1,617,000 after purchasing an additional 112,636 shares during the period. Creative Planning raised its position in Zymeworks by 114.8% in the 2nd quarter. Creative Planning now owns 25,389 shares of the company’s stock worth $319,000 after purchasing an additional 13,567 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Zymeworks by 1,050.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 441,690 shares of the company’s stock worth $5,543,000 after purchasing an additional 403,281 shares during the period. Hedge funds and other institutional investors 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.