Zymeworks (NASDAQ:ZYME) Price Target Raised to $55.00

Zymeworks (NASDAQ:ZYME) had its target price upped by HC Wainwright from $51.00 to $55.00 in a research note issued on Wednesday, MarketBeat reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 100.22% from the company’s current price.

Several other brokerages have also recently commented on ZYME. Citigroup reissued a “market outperform” rating on shares of Zymeworks in a research note on Wednesday. B. Riley Financial reissued a “buy” rating and set a $44.00 price objective (up from $40.00) on shares of Zymeworks in a research report on Monday, August 10th. Truist Financial raised their price objective on Zymeworks from $31.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Zymeworks in a research report on Friday, July 17th. Finally, Stifel Nicolaus set a $46.00 price objective on Zymeworks in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Zymeworks currently has an average rating of “Moderate Buy” and an average target price of $40.22.

Zymeworks Stock Down 4.5%

Shares of NASDAQ ZYME opened at $27.47 on Wednesday. The stock’s fifty day simple moving average is $24.60 and its 200 day simple moving average is $24.72. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of -13.60 and a beta of 1.15. Zymeworks has a 52-week low of $13.60 and a 52-week high of $30.50.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings results on Friday, August 7th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.06). The company had revenue of $3.23 million during the quarter, compared to analyst estimates of $4.54 million. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The company’s revenue for the quarter was down 90.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.03 EPS. As a group, analysts anticipate that Zymeworks will post 1.25 earnings per share for the current year.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Deutsche Bank AG bought a new stake in shares of Zymeworks during the 2nd quarter valued at $10,383,000. Kornitzer Capital Management Inc. KS bought a new position in Zymeworks in the 4th quarter valued at approximately $2,338,000. Rubric Capital Management LP boosted its holdings in shares of Zymeworks by 21.7% during the 1st 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. Vanguard Group Inc. increased its stake in shares of Zymeworks by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 2,328,727 shares of the company’s stock valued at $61,315,000 after buying an additional 174,293 shares during the period. Finally, Principal Financial Group Inc. acquired a new position in shares of Zymeworks during the first quarter worth $1,967,000. 92.89% of the stock is owned by institutional investors.

Zymeworks Company Profile

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.