Zymeworks (NYSE:ZYME) PT Lowered to $12.00 at Wells Fargo & Company

Zymeworks (NYSE:ZYME) had its target price reduced by equities research analysts at Wells Fargo & Company from $14.00 to $12.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 30.43% from the company’s previous close.

Zymeworks Trading Up 2.2 %

Shares of Zymeworks stock opened at $9.20 on Friday. The firm has a market capitalization of $649.23 million, a PE ratio of -5.14 and a beta of 1.16. Zymeworks has a twelve month low of $6.01 and a twelve month high of $13.14. The firm’s 50-day moving average price is $10.12 and its 200 day moving average price is $9.71.

Zymeworks (NYSE:ZYME) last issued its quarterly earnings results on Wednesday, March 6th. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.19. The firm had revenue of $16.93 million for the quarter, compared to analyst estimates of $18.32 million. Zymeworks had a negative net margin of 249.63% and a negative return on equity of 28.24%. On average, sell-side analysts predict that Zymeworks will post -1.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Rubric Capital Management LP lifted its stake in Zymeworks by 31.1% in the 4th quarter. Rubric Capital Management LP now owns 3,475,384 shares of the company’s stock worth $36,109,000 after purchasing an additional 823,990 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Zymeworks by 742.4% during the 3rd quarter. Acadian Asset Management LLC now owns 825,988 shares of the company’s stock worth $5,233,000 after buying an additional 727,934 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Zymeworks by 70.3% during the 3rd quarter. AQR Capital Management LLC now owns 799,679 shares of the company’s stock worth $5,070,000 after buying an additional 330,213 shares during the last quarter. Jupiter Asset Management Ltd. increased its holdings in shares of Zymeworks by 913.0% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 474,724 shares of the company’s stock worth $3,010,000 after buying an additional 427,860 shares during the last quarter. Finally, Monaco Asset Management SAM increased its holdings in shares of Zymeworks by 1.6% during the 3rd quarter. Monaco Asset Management SAM now owns 416,275 shares of the company’s stock worth $2,639,000 after buying an additional 6,755 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.