Zymeworks Inc. (NYSE:ZYME) Receives $21.00 Consensus PT from Brokerages

Shares of Zymeworks Inc. (NYSE:ZYME) have received a consensus recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $21.00.

Several equities research analysts recently weighed in on the company. Citigroup upped their price target on Zymeworks from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. Lifesci Capital started coverage on Zymeworks in a research report on Tuesday, March 11th. They set an “outperform” rating and a $30.00 price objective for the company. JPMorgan Chase & Co. raised Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective for the company in a research report on Monday, December 16th. Wells Fargo & Company raised their price objective on Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a research report on Thursday, December 19th. Finally, HC Wainwright raised their price objective on Zymeworks from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Monday, March 10th.

Zymeworks Stock Down 2.4 %

Shares of ZYME stock opened at $12.25 on Thursday. The stock has a market cap of $852.32 million, a price-to-earnings ratio of -8.17 and a beta of 1.13. The business’s fifty day moving average is $13.86 and its 200 day moving average is $13.66. Zymeworks has a twelve month low of $7.97 and a twelve month high of $17.70.

Insider Buying and Selling

In related news, CEO Kenneth Galbraith sold 57,291 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $14.92, for a total transaction of $854,781.72. Following the transaction, the chief executive officer now owns 47,543 shares in the company, valued at $709,341.56. This represents a 54.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Andrew Moore sold 21,200 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $14.92, for a total transaction of $316,304.00. Following the transaction, the insider now owns 14,741 shares in the company, valued at approximately $219,935.72. This trade represents a 58.99 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders bought 1,392,585 shares of company stock worth $17,914,519 and sold 89,601 shares worth $1,336,847. 1.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC lifted its position in Zymeworks by 781.5% during the fourth quarter. Sterling Capital Management LLC now owns 1,719 shares of the company’s stock valued at $25,000 after purchasing an additional 1,524 shares during the period. AlphaQuest LLC boosted its holdings in shares of 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 boosted its holdings in shares of 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 position in shares of Zymeworks in the fourth quarter worth approximately $108,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of 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. Institutional investors own 92.89% of the company’s stock.

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.