Wells Fargo & Company Raises Zymeworks (NYSE:ZYME) Price Target to $14.00

Zymeworks (NYSE:ZYME) had its target price boosted by equities researchers at Wells Fargo & Company from $12.00 to $14.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 9.37% from the company’s current price.

ZYME has been the topic of several other research reports. Leerink Partners raised Zymeworks from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $10.00 to $25.00 in a research note on Thursday, November 7th. Leerink Partnrs raised shares of Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Citigroup upped their target price on shares of Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Stifel Nicolaus boosted their price target on shares of Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Finally, JPMorgan Chase & Co. upgraded Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective on the stock in a research note on Monday. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.17.

Zymeworks Trading Up 0.5 %

NYSE ZYME traded up $0.06 during trading hours on Thursday, reaching $12.80. The company had a trading volume of 3,845 shares, compared to its average volume of 605,816. Zymeworks has a 1-year low of $7.97 and a 1-year high of $17.70. The stock has a market capitalization of $881.64 million, a P/E ratio of -8.53 and a beta of 1.12. The stock has a 50-day moving average of $14.16 and a 200 day moving average of $11.79.

Zymeworks (NYSE:ZYME) last announced its earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The company had revenue of $16.00 million for the quarter, compared to analyst estimates of $17.90 million. During the same quarter in the previous year, the company earned ($0.41) earnings per share. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. As a group, sell-side analysts predict that Zymeworks will post -1.43 EPS for the current year.

Institutional Investors Weigh In On Zymeworks

Institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. purchased a new stake in Zymeworks during the second quarter worth about $1,683,000. Rubric Capital Management LP grew its holdings in shares of Zymeworks by 12.7% in the 2nd quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company’s stock worth $33,336,000 after acquiring an additional 441,947 shares during the period. Vestal Point Capital LP increased its stake in Zymeworks by 39.8% in the 3rd quarter. Vestal Point Capital LP now owns 615,000 shares of the company’s stock valued at $7,718,000 after purchasing an additional 175,000 shares in the last quarter. Squarepoint Ops LLC boosted its position in Zymeworks by 401.9% during the second quarter. Squarepoint Ops LLC now owns 73,324 shares of the company’s stock worth $624,000 after purchasing an additional 58,716 shares in the last quarter. Finally, Perceptive Advisors LLC increased its position in shares of Zymeworks by 55.2% in the second quarter. Perceptive Advisors LLC now owns 1,667,711 shares of the company’s stock valued at $14,192,000 after buying an additional 592,904 shares in the last quarter. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Zymeworks Company Profile

Zymeworks Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company’s lead product candidates include zanidatamab, a human epidermal growth factor receptor 2 (HER2) that is in Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.