Zymeworks (NYSE:ZYME) Stock Price Up 4.3% Following Analyst Upgrade

Shares of Zymeworks Inc. (NYSE:ZYME) were up 4.3% on Thursday after Wells Fargo & Company raised their price target on the stock from $12.00 to $14.00. Wells Fargo & Company currently has an equal weight rating on the stock. Zymeworks traded as high as $13.34 and last traded at $13.29. 83,090 shares were traded during trading, a decline of 86% from the average daily volume of 606,086 shares. The stock had previously closed at $12.74.

Other equities analysts also recently issued research reports about the company. Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $10.00 to $25.00 in a research report on Thursday, November 7th. Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Citigroup boosted their target price on shares of Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Stifel Nicolaus upped their target price on shares of Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, HC Wainwright reissued a “neutral” rating and set a $12.00 price target on shares of Zymeworks in a report on Friday, November 22nd. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Zymeworks has an average rating of “Moderate Buy” and a consensus price target of $19.17.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its position in Zymeworks by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 309,703 shares of the company’s stock valued at $2,636,000 after purchasing an additional 14,825 shares during the period. Principal Financial Group Inc. raised its stake in shares of Zymeworks by 18.0% during the second quarter. Principal Financial Group Inc. now owns 30,642 shares of the company’s stock worth $261,000 after buying an additional 4,671 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Zymeworks by 1.2% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,930,887 shares of the company’s stock valued at $16,431,000 after buying an additional 23,173 shares during the period. Rhumbline Advisers lifted its holdings in Zymeworks by 9.0% in the second quarter. Rhumbline Advisers now owns 86,912 shares of the company’s stock valued at $740,000 after buying an additional 7,210 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in Zymeworks by 23.5% in the second quarter. Victory Capital Management Inc. now owns 58,300 shares of the company’s stock valued at $496,000 after acquiring an additional 11,100 shares during the last quarter. Institutional investors own 92.89% of the company’s stock.

Zymeworks Trading Up 6.6 %

The business’s fifty day simple moving average is $14.16 and its 200 day simple moving average is $11.79. The stock has a market cap of $935.36 million, a price-to-earnings ratio of -9.05 and a beta of 1.12.

Zymeworks (NYSE:ZYME) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.01. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The business had revenue of $16.00 million for the quarter, compared to analyst estimates of $17.90 million. During the same period last year, the company earned ($0.41) EPS. The firm’s revenue was down 3.1% on a year-over-year basis. As a group, research analysts anticipate that Zymeworks Inc. will post -1.43 earnings per share 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.