Zymeworks (NYSE:ZYME) Cut to Equal Weight at Wells Fargo & Company

Wells Fargo & Company lowered shares of Zymeworks (NYSE:ZYME) from an overweight rating to an equal weight rating in a research report released on Friday morning, MarketBeat.com reports. They currently have $12.00 target price on the stock.

Several other equities analysts have also recently weighed in on the company. Stifel Nicolaus lifted 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. HC Wainwright restated a “neutral” rating and issued a $12.00 target price on shares of Zymeworks in a research note on Tuesday, October 22nd.

Zymeworks Trading Down 3.1 %

Shares of Zymeworks stock opened at $13.28 on Friday. The business’s fifty day simple moving average is $12.59 and its 200 day simple moving average is $10.46. Zymeworks has a 12 month low of $6.83 and a 12 month high of $14.05. The firm has a market capitalization of $943.54 million, a P/E ratio of -8.85 and a beta of 1.16.

Zymeworks (NYSE:ZYME) last released its earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. The firm had revenue of $16.00 million during 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 22.09%. The company’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.41) EPS. Analysts predict that Zymeworks will post -0.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ZYME. Rubric Capital Management LP raised its stake in Zymeworks by 12.7% in the second quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company’s stock worth $33,336,000 after buying an additional 441,947 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Zymeworks by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,458,105 shares of the company’s stock worth $25,859,000 after acquiring an additional 63,393 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Zymeworks by 1.2% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,930,887 shares of the company’s stock valued at $16,431,000 after purchasing an additional 23,173 shares during the period. Perceptive Advisors LLC grew its stake in Zymeworks by 55.2% in the second quarter. Perceptive Advisors LLC now owns 1,667,711 shares of the company’s stock worth $14,192,000 after purchasing an additional 592,904 shares during the period. Finally, Acadian Asset Management LLC lifted its position in Zymeworks by 4.1% during the first quarter. Acadian Asset Management LLC now owns 1,305,057 shares of the company’s stock valued at $13,724,000 after buying an additional 51,036 shares during the period. 92.89% of the stock is currently owned by 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.