Zymeworks (NASDAQ:ZYME) Research Coverage Started at TD Cowen

TD Cowen assumed coverage on shares of Zymeworks (NASDAQ:ZYME) in a report published on Tuesday, Marketbeat reports. The brokerage issued a buy rating and a $34.00 price objective on the stock.

Other analysts have also issued reports about the company. B. Riley Financial restated a “buy” rating and issued a $44.00 target price (up from $40.00) on shares of Zymeworks in a research note on Monday, August 10th. Truist Financial raised their price objective on shares of Zymeworks from $31.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $32.00 target price on shares of Zymeworks in a research note on Wednesday, August 26th. JPMorgan Chase & Co. upped their target price on shares of Zymeworks from $31.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Finally, Wolfe Research started coverage on shares of Zymeworks in a research note on Thursday, September 17th. They set an “outperform” rating on the stock. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Zymeworks has a consensus rating of “Moderate Buy” and an average target price of $40.45.

Zymeworks Stock Performance

Shares of NASDAQ ZYME opened at $25.96 on Tuesday. The stock has a market cap of $1.84 billion, a PE ratio of -12.85 and a beta of 1.18. The business has a fifty day moving average of $26.25 and a two-hundred day moving average of $25.52. Zymeworks has a 52-week low of $16.00 and a 52-week high of $31.34.

Zymeworks (NASDAQ:ZYME) last posted its earnings results on Friday, August 7th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $4.54 million. During the same period in the previous year, the company posted $0.03 EPS. The firm’s revenue for the quarter was down 90.6% compared to the same quarter last year. Analysts predict that Zymeworks will post 1.14 earnings per share for the current year.

Institutional Trading of Zymeworks

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nykredit A S bought a new stake in Zymeworks in the second quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Zymeworks during the fourth quarter worth $37,000. State of Wyoming bought a new position in shares of Zymeworks during the second quarter worth $73,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Zymeworks by 10.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,507 shares of the company’s stock valued at $221,000 after buying an additional 800 shares during the period. Finally, Janney Montgomery Scott LLC grew its holdings 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 buying an additional 420 shares during the period. 92.89% of the stock is owned by institutional investors.

About Zymeworks

Zymeworks Inc (NASDAQ: ZYME) is a biopharmaceutical company focused on discovering, developing and commercializing engineered antibody-based therapeutics for cancer and other serious diseases. The company’s technologies are designed to create bispecific and multispecific antibodies, as well as antibody-drug conjugates that can target tumor cells and deliver therapeutic payloads.

Zymeworks’ leading product is zanidatamab, marketed in the United States as Ziihera. The bispecific antibody targets two separate sites on the HER2 protein and received U.S.