Citigroup Boosts Zymeworks (NYSE:ZYME) Price Target to $19.00

Zymeworks (NYSE:ZYME) had its price target upped by investment analysts at Citigroup from $18.00 to $19.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 58.33% from the stock’s current price.

Several other research analysts have also issued reports on ZYME. Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $10.00 to $25.00 in a report on Thursday, November 7th. Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Wells Fargo & Company raised their target price on Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. JPMorgan Chase & Co. upgraded Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 target price on the stock in a report on Monday, December 16th. Finally, HC Wainwright restated a “neutral” rating and issued a $12.00 target price on shares of Zymeworks in a report on Friday, November 22nd. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Zymeworks presently has a consensus rating of “Moderate Buy” and an average target price of $19.33.

Zymeworks Trading Down 1.1 %

Shares of ZYME stock opened at $12.00 on Friday. Zymeworks has a 1-year low of $7.97 and a 1-year high of $17.70. The stock has a 50-day moving average of $14.14 and a 200-day moving average of $13.64. The stock has a market cap of $826.54 million, a price-to-earnings ratio of -8.00 and a beta of 1.13.

Insider Activity at Zymeworks

In related news, EVP Jeffrey T. L. Smith sold 11,110 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $14.92, for a total transaction of $165,761.20. Following the completion of the sale, the executive vice president now directly owns 8,890 shares of the company’s stock, valued at approximately $132,638.80. This trade represents a 55.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ecor1 Capital, Llc purchased 11,958 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The shares were acquired at an average cost of $14.12 per share, with a total value of $168,846.96. Following the completion of the transaction, the director now directly owns 14,704,239 shares of the company’s stock, valued at $207,623,854.68. The trade was a 0.08 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 603,539 shares of company stock valued at $8,384,708 and sold 89,601 shares valued at $1,336,847. 1.92% of the stock is currently owned by company insiders.

Institutional Trading of Zymeworks

A number of large investors have recently bought and sold shares of ZYME. Sterling Capital Management LLC increased its position in Zymeworks by 781.5% in the fourth quarter. Sterling Capital Management LLC now owns 1,719 shares of the company’s stock worth $25,000 after buying an additional 1,524 shares during the last quarter. AlphaQuest LLC increased its position in Zymeworks by 480.2% in the fourth quarter. AlphaQuest LLC now owns 2,808 shares of the company’s stock worth $41,000 after buying an additional 2,324 shares during the last quarter. FMR LLC increased its position in Zymeworks by 84.2% in the third quarter. FMR LLC now owns 3,336 shares of the company’s stock worth $42,000 after buying an additional 1,525 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in Zymeworks in the fourth quarter worth $108,000. Finally, Tower Research Capital LLC TRC increased its position in Zymeworks by 343.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,704 shares of the company’s stock worth $142,000 after buying an additional 7,518 shares during the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

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.