Zymeworks Inc. (NASDAQ:ZYME) Receives Average Recommendation of “Moderate Buy” from Brokerages

Zymeworks Inc. (NASDAQ:ZYME) has been given a consensus rating of “Moderate Buy” by the eleven brokerages that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $37.3333.

ZYME has been the topic of several analyst reports. Citigroup reaffirmed a “buy” rating on shares of Zymeworks in a report on Tuesday, June 30th. Wells Fargo & Company increased their price target on shares of Zymeworks from $34.00 to $37.00 and gave the stock an “overweight” rating in a report on Tuesday, June 30th. HC Wainwright reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Zymeworks in a report on Wednesday, June 3rd. Truist Financial boosted their target price on Zymeworks from $28.00 to $31.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Zymeworks in a research note on Monday, April 20th.

Institutional Investors Weigh In On Zymeworks

Hedge funds and other institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd acquired a new position in shares of Zymeworks during the 4th quarter worth $37,000. Quarry LP purchased a new stake in Zymeworks during the third quarter worth about $50,000. Tower Research Capital LLC TRC grew its position in Zymeworks by 29.6% during the second quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock worth $62,000 after buying an additional 1,131 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Zymeworks by 25.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company’s stock worth $96,000 after buying an additional 731 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in Zymeworks by 157.7% in the second quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company’s stock valued at $129,000 after buying an additional 6,307 shares in the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.

Zymeworks Trading Up 4.1%

Shares of Zymeworks stock traded up $1.05 during trading hours on Tuesday, hitting $26.38. 330,104 shares of the company were exchanged, compared to its average volume of 710,840. Zymeworks has a 1 year low of $11.51 and a 1 year high of $29.75. The business has a 50-day moving average of $24.85 and a 200-day moving average of $24.72. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of -19.27 and a beta of 1.13.

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

Zymeworks declared that its Board of Directors has authorized a share buyback program on Thursday, May 14th that allows the company to buyback $125.00 million in outstanding shares. This buyback authorization allows the company to buy up to 7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.