Zymeworks (NASDAQ:ZYME) Stock Price Target Raised at HC Wainwright

Zymeworks (NASDAQ:ZYME) had its price target boosted by equities research analysts at HC Wainwright from $55.00 to $56.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright‘s price objective would suggest a potential upside of 81.76% from the stock’s previous close.

ZYME has been the subject of several other research reports. Wells Fargo & Company upped 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 research note on Monday, August 10th. Citizens Jmp reaffirmed a “market outperform” rating and set a $32.00 price objective on shares of Zymeworks in a report on Wednesday, August 26th. Stifel Nicolaus set a $46.00 price objective on shares of Zymeworks in a report on Friday, August 7th. Finally, JPMorgan Chase & Co. upped their target price on shares of Zymeworks from $31.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, September 3rd. Twelve 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $41.75.

Zymeworks Stock Performance

Shares of ZYME opened at $30.81 on Tuesday. The firm has a market capitalization of $2.17 billion, a P/E ratio of -15.25 and a beta of 1.32. Zymeworks has a 52 week low of $16.57 and a 52 week high of $31.49. The stock has a 50 day moving average price of $27.46 and a two-hundred day moving average price of $25.38.

Zymeworks (NASDAQ:ZYME) last posted its earnings results on Monday, November 9th. The company reported $2.28 earnings per share for the quarter, beating analysts’ consensus estimates of $2.27 by $0.01. Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%. The company had revenue of $512.92 million for the quarter, compared to analyst estimates of $227.40 million. During the same quarter last year, the company earned ($0.26) earnings per share. The company’s revenue for the quarter was up 828.7% on a year-over-year basis. On average, equities analysts forecast that Zymeworks will post 1.32 earnings per share for the current year.

Insider Activity at Zymeworks

In other Zymeworks news, EVP Adam Schayowitz sold 13,832 shares of Zymeworks stock in a transaction that occurred on Friday, October 9th. The shares were sold at an average price of $25.85, for a total transaction of $357,557.20. Following the transaction, the executive vice president 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 corporate insiders.

Hedge Funds Weigh In On Zymeworks

Several institutional investors have recently modified their holdings of ZYME. Rubric Capital Management LP increased its position in shares of Zymeworks by 21.7% during 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 during the last quarter. BlackRock Inc. purchased a new position in Zymeworks in the second quarter worth $111,122,000. Perceptive Advisors LLC grew its stake in Zymeworks by 7.6% in the 1st quarter. Perceptive Advisors LLC now owns 3,510,078 shares of the company’s stock valued at $87,892,000 after purchasing an additional 248,228 shares during the period. Assenagon Asset Management S.A. grew its stake in Zymeworks by 20.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,508,069 shares of the company’s stock valued at $39,949,000 after purchasing an additional 256,042 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in Zymeworks by 6.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 743,898 shares of the company’s stock valued at $18,627,000 after purchasing an additional 43,896 shares during the period. 92.89% of the stock is owned by institutional investors.

Zymeworks Company Profile

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.