Zymeworks (NYSE:ZYME) Price Target Lowered to $16.00 at Citigroup

Zymeworks (NYSE:ZYME) had its price objective reduced by investment analysts at Citigroup from $17.00 to $16.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 73.91% from the stock’s previous close.

Separately, Wells Fargo & Company cut their price target on Zymeworks from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday.

Zymeworks Trading Up 2.2 %

NYSE ZYME traded up $0.20 during trading hours on Friday, reaching $9.20. 655,723 shares of the company’s stock were exchanged, compared to its average volume of 587,403. The firm has a fifty day moving average of $10.18 and a 200-day moving average of $9.68. Zymeworks has a one year low of $6.01 and a one year high of $13.14. The stock has a market cap of $649.24 million, a PE ratio of -5.29 and a beta of 1.16.

Zymeworks (NYSE:ZYME) last released its quarterly earnings results on Wednesday, March 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.19. The business had revenue of $16.93 million during the quarter, compared to analysts’ expectations of $18.32 million. Zymeworks had a negative return on equity of 26.20% and a negative net margin of 156.12%. As a group, research analysts forecast that Zymeworks will post -1.04 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ZYME. Gladius Capital Management LP lifted its holdings in shares of Zymeworks by 36.5% during the third quarter. Gladius Capital Management LP now owns 3,940 shares of the company’s stock worth $25,000 after buying an additional 1,053 shares in the last quarter. AlphaMark Advisors LLC bought a new position in shares of Zymeworks during the first quarter worth approximately $32,000. New York State Teachers Retirement System bought a new stake in shares of Zymeworks during the 4th quarter valued at $50,000. Arizona State Retirement System acquired a new stake in Zymeworks during the third quarter worth about $64,000. Finally, AJOVista LLC bought a new stake in shares of Zymeworks during the 4th quarter worth approximately $66,000. 92.89% of the stock is owned by institutional investors.

Zymeworks Company Profile

Zymeworks Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company's lead product candidates include zanidatamab, a human epidermal growth factor receptor 2 (HER2) that is in Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.