Zymeworks (NASDAQ:ZYME) Posts Earnings Results, Beats Estimates By $0.01 EPS

Zymeworks (NASDAQ:ZYME) released its quarterly earnings data on Monday. The company reported $2.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.27 by $0.01, FiscalAI reports. The company had revenue of $512.92 million for the quarter, compared to analysts’ expectations of $227.40 million. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The business’s revenue was up 828.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.26) EPS.

Zymeworks Trading Up 4.0%

Zymeworks stock opened at $30.81 on Tuesday. The firm’s 50 day simple moving average is $27.46 and its 200 day simple moving average is $25.38. The firm has a market capitalization of $2.17 billion, a PE ratio of -15.25 and a beta of 1.32. Zymeworks has a 1-year low of $16.57 and a 1-year high of $31.49.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ZYME. Wells Fargo & Company increased their price target on Zymeworks from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. B. Riley Financial restated a “buy” rating and set a $44.00 price objective (up from $40.00) on shares of Zymeworks in a report on Monday, August 10th. JPMorgan Chase & Co. boosted their price objective on Zymeworks from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, September 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Zymeworks in a research report on Thursday, October 15th. Finally, Stifel Nicolaus set a $46.00 price target on shares of Zymeworks in a research note on Friday, August 7th. Twelve equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $41.67.

Insider Buying and Selling

In other Zymeworks news, EVP Adam Schayowitz sold 13,832 shares of the firm’s stock in a transaction on Friday, October 9th. The shares were sold at an average price of $25.85, for a total value of $357,557.20. Following the completion of the transaction, the executive vice president directly owned 23,205 shares of the company’s stock, valued at $599,849.25. This trade represents a 37.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 37.73% of the stock is currently owned by insiders.

About Zymeworks

Zymeworks Inc is a biotechnology company headquartered in Vancouver, Canada, that develops engineered medicines, with a focus on treatments for cancer and other serious diseases. Its antibody-engineering technologies are designed to create therapies that can engage multiple biological targets or modify immune responses.

The company’s lead program is zanidatamab, a HER2-targeted bispecific antibody. In the United States, it is marketed by partner Jazz Pharmaceuticals as Ziihera for certain adults with previously treated, unresectable or metastatic biliary tract cancer.