Zymeworks (NASDAQ:ZYME) Shares Up 8.6% – Time to Buy?

Zymeworks Inc. (NASDAQ:ZYME)’s stock price was up 8.6% during trading on Tuesday . The stock traded as high as $26.03 and last traded at $26.17. Approximately 105,316 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 708,590 shares. The stock had previously closed at $24.10.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ZYME. Citigroup reiterated a “buy” rating on shares of Zymeworks in a research note on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Zymeworks in a research note on Monday, April 20th. Wells Fargo & Company upped their target price on Zymeworks from $34.00 to $37.00 and gave the stock an “overweight” rating in a report on Tuesday. Truist Financial set a $28.00 target price on Zymeworks and gave the company a “buy” rating in a research report on Tuesday, June 9th. Finally, HC Wainwright reiterated a “buy” rating and issued a $46.00 price target on shares of Zymeworks in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

Zymeworks Stock Down 1.6%

The firm has a market capitalization of $1.88 billion, a PE ratio of -18.77 and a beta of 1.13. The company’s 50-day simple moving average is $24.97 and its 200 day simple moving average is $24.71.

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

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

Hedge Funds Weigh In On Zymeworks

Large investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC boosted its position 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 worth $288,000 after purchasing an additional 420 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Zymeworks by 25.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company’s stock valued at $96,000 after buying an additional 731 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Zymeworks by 10.4% during 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 in the last quarter. Russell Investments Group Ltd. raised its stake in Zymeworks by 1.6% in the fourth quarter. Russell Investments Group Ltd. now owns 58,350 shares of the company’s stock valued at $1,536,000 after buying an additional 902 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC raised its stake in Zymeworks by 3.4% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 33,588 shares of the company’s stock valued at $884,000 after buying an additional 1,095 shares during the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

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.