Zymeworks (NYSE:ZYME) Sets New 52-Week High Following Analyst Upgrade

Zymeworks Inc. (NYSE:ZYME) shares reached a new 52-week high during mid-day trading on Monday after Citigroup raised their price target on the stock from $16.00 to $18.00. Citigroup currently has a buy rating on the stock. Zymeworks traded as high as $14.20 and last traded at $13.98, with a volume of 146127 shares traded. The stock had previously closed at $13.28.

Several other research firms have also recently issued reports on ZYME. HC Wainwright reiterated a “neutral” rating and issued a $12.00 target price on shares of Zymeworks in a research note on Friday. Stifel Nicolaus raised their price target on shares of Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Finally, Wells Fargo & Company cut shares of Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 target price on the stock. in a research note on Friday.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. DekaBank Deutsche Girozentrale acquired a new stake in Zymeworks during the third quarter worth about $47,000. Quest Partners LLC grew its stake in shares of Zymeworks by 8,049.6% in the 2nd quarter. Quest Partners LLC now owns 9,209 shares of the company’s stock valued at $78,000 after buying an additional 9,096 shares during the period. nVerses Capital LLC acquired a new stake in shares of Zymeworks during the 3rd quarter worth approximately $79,000. MQS Management LLC purchased a new stake in shares of Zymeworks during the 2nd quarter valued at approximately $92,000. Finally, Arizona State Retirement System lifted its holdings in Zymeworks by 11.1% in the second quarter. Arizona State Retirement System now owns 12,841 shares of the company’s stock valued at $109,000 after acquiring an additional 1,285 shares during the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.

Zymeworks Stock Up 11.1 %

The firm has a 50-day moving average of $12.59 and a two-hundred day moving average of $10.48. The company has a market capitalization of $1.05 billion, a PE ratio of -9.82 and a beta of 1.16.

Zymeworks (NYSE:ZYME) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. The business had revenue of $16.00 million during the quarter, compared to analysts’ expectations of $17.90 million. Zymeworks had a negative return on equity of 22.09% and a negative net margin of 182.75%. The company’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.41) EPS. On average, equities research analysts expect that Zymeworks Inc. will post -0.92 EPS for the current year.

About Zymeworks

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.