Zymeworks (NYSE:ZYME) Shares Up 4.3% After Analyst Upgrade

Zymeworks Inc. (NYSE:ZYME – Get Rating) shares rose 4.3% during mid-day trading on Friday after Citigroup raised their price target on the stock from $17.00 to $18.00. The stock traded as high as $10.04 and last traded at $10.00. Approximately 166,791 shares were traded during trading, a decline of 74% from the average daily volume of 643,355 shares. The stock had previously closed at $9.59.

Several other research analysts have also commented on ZYME. JPMorgan Chase & Co. raised their price objective on shares of Zymeworks from $8.00 to $9.00 and gave the company a “neutral” rating in a research note on Friday, March 31st. HC Wainwright restated a “neutral” rating and issued a $8.00 target price on shares of Zymeworks in a report on Tuesday, March 21st. Stifel Nicolaus upped their price objective on shares of Zymeworks from $18.00 to $19.00 in a research note on Tuesday, May 9th. SVB Leerink increased their price objective on shares of Zymeworks from $8.00 to $10.00 and gave the company a “market perform” rating in a research report on Friday, January 20th. Finally, Guggenheim restated a “buy” rating and set a $16.00 price objective on shares of Zymeworks in a research note on Wednesday, March 8th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $12.44.

Insider Activity at Zymeworks

In related news, major shareholder Ecor1 Capital, Llc bought 200,000 shares of the business’s stock in a transaction on Tuesday, March 28th. The shares were purchased at an average price of $8.00 per share, with a total value of $1,600,000.00. Following the completion of the purchase, the insider now owns 10,087,473 shares of the company’s stock, valued at approximately $80,699,784. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 1.63% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Quantbot Technologies LP acquired a new position in Zymeworks in the 1st quarter valued at $42,000. First Republic Investment Management Inc. bought a new stake in shares of Zymeworks in the 1st quarter valued at about $66,000. Lazard Asset Management LLC bought a new stake in shares of Zymeworks in the 1st quarter valued at about $66,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Zymeworks in the 1st quarter valued at about $92,000. Finally, Barclays PLC acquired a new position in shares of Zymeworks in the 1st quarter valued at about $99,000. 88.28% of the stock is currently owned by institutional investors.

Zymeworks Stock Performance

The company has a market capitalization of $626.94 million, a price-to-earnings ratio of 3.77 and a beta of 0.97. The business has a 50 day moving average price of $9.07 and a 200-day moving average price of $8.52.

Zymeworks (NYSE:ZYME – Get Rating) last announced its quarterly earnings data on Tuesday, March 7th. The company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.62 by $0.03. The company had revenue of $402.49 million for the quarter, compared to the consensus estimate of $371.36 million. Zymeworks had a return on equity of 77.65% and a net margin of 38.69%. As a group, equities analysts predict that Zymeworks Inc. will post -2.31 EPS for the current fiscal year.

Zymeworks Company Profile

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Zymeworks, Inc is a biopharmaceutical company, which engages in the discovery, development, and commercialization of novel, multifunctional biotherapeutics. Its product includes Zanidatamab, which is a novel bispecific antibody that targets two distinct domains of the human epidermal growth factor receptor 2 (HER2).