Wells Fargo & Company Forecasts Strong Price Appreciation for Zymeworks (NYSE:ZYME) Stock

Zymeworks (NYSE:ZYME) had its price target upped by investment analysts at Wells Fargo & Company from $12.00 to $14.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential downside of 0.99% from the stock’s previous close.

Several other equities analysts have also commented on the stock. Citigroup upped their price target on shares of Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $10.00 to $25.00 in a report on Thursday, November 7th. Leerink Partnrs raised Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Stifel Nicolaus boosted their price target on Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. upgraded Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective on the stock in a report on Monday, December 16th. Two equities research 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. According to data from MarketBeat, Zymeworks presently has an average rating of “Moderate Buy” and a consensus target price of $19.17.

Zymeworks Stock Up 4.1 %

ZYME opened at $14.14 on Thursday. The firm has a market cap of $973.93 million, a P/E ratio of -9.43 and a beta of 1.12. The business’s fifty day simple moving average is $14.17 and its 200 day simple moving average is $11.81. Zymeworks has a 52 week low of $7.97 and a 52 week high of $17.70.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.01. The business had revenue of $16.00 million for the quarter, compared to the consensus estimate of $17.90 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.41) earnings per share. As a group, equities analysts expect that Zymeworks will post -1.43 EPS for the current fiscal year.

Institutional Trading of Zymeworks

Institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in Zymeworks by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 132,798 shares of the company’s stock valued at $1,667,000 after buying an additional 650 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Zymeworks by 11.1% in the 2nd 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. FMR LLC raised its position in shares of Zymeworks by 84.2% during the 3rd quarter. FMR LLC now owns 3,336 shares of the company’s stock valued at $42,000 after acquiring an additional 1,525 shares in the last quarter. Stifel Financial Corp lifted its stake in Zymeworks by 2.1% during the third quarter. Stifel Financial Corp now owns 73,654 shares of the company’s stock worth $924,000 after purchasing an additional 1,540 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Zymeworks by 13.2% in the second quarter. The Manufacturers Life Insurance Company now owns 22,695 shares of the company’s stock worth $193,000 after purchasing an additional 2,653 shares during the period. 92.89% of the stock is owned by institutional investors and hedge funds.

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.