Zymeworks Inc. (NASDAQ:ZYME) Given Average Rating of “Moderate Buy” by Analysts

Shares of Zymeworks Inc. (NASDAQ:ZYME) have been given an average recommendation of “Moderate Buy” by the eleven analysts that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $36.6667.

A number of equities research analysts have issued reports on the stock. Leerink Partners raised their price target on shares of Zymeworks from $52.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Zymeworks in a report on Monday, April 20th. Stifel Nicolaus raised their price target on shares of Zymeworks from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Wells Fargo & Company raised their target price on Zymeworks from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Finally, Truist Financial set a $28.00 target price on Zymeworks and gave the stock a “buy” rating in a research note on Tuesday.

Zymeworks Price Performance

ZYME opened at $22.97 on Friday. The stock’s 50 day simple moving average is $25.78 and its 200 day simple moving average is $24.94. Zymeworks has a 1 year low of $11.51 and a 1 year high of $29.75. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -16.77 and a beta of 1.15.

Zymeworks (NASDAQ:ZYME) last issued its earnings results on Tuesday, March 31st. The company reported ($0.59) earnings per share (EPS) for the quarter. Zymeworks had a negative return on equity of 37.97% and a negative net margin of 126.92%.The firm had revenue of $2.41 million during the quarter. As a group, sell-side analysts anticipate that Zymeworks will post 1.1 EPS for the current year.

Zymeworks announced that its Board of Directors has authorized a share buyback program on Thursday, May 14th that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Zymeworks

A number of large investors have recently made changes to their positions in ZYME. Siren L.L.C. bought a new stake in shares of Zymeworks in the 4th quarter worth approximately $44,238,000. Rubric Capital Management LP boosted its holdings 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 acquiring an additional 1,250,000 shares in the last quarter. Perceptive Advisors LLC boosted its holdings in Zymeworks by 56.0% in the fourth quarter. Perceptive Advisors LLC now owns 3,261,850 shares of the company’s stock valued at $85,885,000 after acquiring an additional 1,171,187 shares in the last quarter. Capricorn Fund Managers Ltd bought a new stake in Zymeworks in the fourth quarter valued at $26,931,000. Finally, Millennium Management LLC boosted its holdings in Zymeworks by 851.6% in the third quarter. Millennium Management LLC now owns 1,104,813 shares of the company’s stock valued at $18,870,000 after acquiring an additional 988,711 shares in the last quarter. 92.89% of the stock is currently owned by institutional investors.

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.