Zymeworks (NYSE:ZYME) Stock Rating Upgraded by Leerink Partners

Leerink Partners upgraded shares of Zymeworks (NYSE:ZYME) from a market perform rating to an outperform rating in a report published on Thursday morning, MarketBeat reports. The brokerage currently has $25.00 target price on the stock, up from their prior target price of $10.00.

Other analysts also recently issued research reports about the company. Wells Fargo & Company downgraded Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 price target for the company. in a research report on Friday, November 1st. HC Wainwright reiterated a “neutral” rating and set a $12.00 target price on shares of Zymeworks in a research report on Friday, November 1st. Stifel Nicolaus boosted their price target on shares of Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Finally, Citigroup raised their price objective on shares of Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $19.00.

Zymeworks Trading Down 0.8 %

Zymeworks stock opened at $16.63 on Thursday. Zymeworks has a 1-year low of $6.83 and a 1-year high of $17.26. The firm has a market capitalization of $1.15 billion, a PE ratio of -11.09 and a beta of 1.16. The firm’s 50 day simple moving average is $13.00 and its 200 day simple moving average is $10.72.

Zymeworks (NYSE:ZYME) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.01. The firm had revenue of $16.00 million for the quarter, compared to analysts’ expectations of $17.90 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.41) earnings per share. Research analysts forecast that Zymeworks will post -1.01 earnings per share for the current year.

Hedge Funds Weigh In On Zymeworks

Several institutional investors and hedge funds have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale purchased a new position in Zymeworks in the 3rd quarter worth approximately $47,000. Quest Partners LLC boosted its position in Zymeworks by 8,049.6% during the 2nd quarter. Quest Partners LLC now owns 9,209 shares of the company’s stock valued at $78,000 after buying an additional 9,096 shares during the period. nVerses Capital LLC bought a new stake in Zymeworks in the 3rd quarter worth $79,000. MQS Management LLC bought a new position in shares of Zymeworks during the second quarter valued at about $92,000. Finally, Arizona State Retirement System boosted its holdings in shares of Zymeworks by 11.1% during the second quarter. Arizona State Retirement System now owns 12,841 shares of the company’s stock worth $109,000 after purchasing an additional 1,285 shares during the period. 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.