Zymeworks (NASDAQ:ZYME) Given New $33.00 Price Target at JPMorgan Chase & Co.

Zymeworks (NASDAQ:ZYME) had its price target raised by equities researchers at JPMorgan Chase & Co. from $31.00 to $33.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 10.37% from the stock’s previous close.

A number of other research firms have also issued reports on ZYME. B. Riley Financial reaffirmed a “buy” rating and set a $44.00 target price (up from $40.00) on shares of Zymeworks in a report on Monday, August 10th. Truist Financial raised their price target on shares of Zymeworks from $31.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Citizens Jmp restated a “market outperform” rating and set a $32.00 price target on shares of Zymeworks in a research report on Wednesday, August 26th. Wells Fargo & Company upped their price objective on shares of Zymeworks from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft set a $32.00 price objective on shares of Zymeworks in a report on Wednesday, August 26th. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Zymeworks Stock Performance

Shares of NASDAQ:ZYME traded down $1.15 during trading on Thursday, reaching $29.90. The stock had a trading volume of 605,063 shares, compared to its average volume of 680,072. Zymeworks has a 1-year low of $14.06 and a 1-year high of $31.34. The stock has a market cap of $2.12 billion, a PE ratio of -14.80 and a beta of 1.19. The business has a fifty day moving average price of $25.32 and a 200-day moving average price of $25.00.

Zymeworks (NASDAQ:ZYME) last posted its quarterly earnings data on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.06). The firm had revenue of $3.23 million during the quarter, compared to analyst estimates of $4.54 million. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The firm’s revenue for the quarter was down 90.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 earnings per share. Sell-side analysts expect that Zymeworks will post 1.37 earnings per share for the current year.

Zymeworks announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 14th that authorizes the company to repurchase $125.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ZYME. Deutsche Bank AG purchased a new position in Zymeworks in the second quarter worth approximately $10,383,000. Rubric Capital Management LP raised its position in Zymeworks by 21.7% in the first quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock valued at $175,280,000 after purchasing an additional 1,250,000 shares during the period. Bank of America Corp DE lifted its stake in shares of Zymeworks by 164.5% in the 1st quarter. Bank of America Corp DE now owns 236,754 shares of the company’s stock valued at $5,928,000 after purchasing an additional 147,230 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Zymeworks by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 2,328,727 shares of the company’s stock worth $61,315,000 after purchasing an additional 174,293 shares during the period. Finally, Manatuck Hill Partners LLC purchased a new position in shares of Zymeworks during the 2nd quarter worth $2,614,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Zymeworks Company Profile

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.