Zymeworks (NYSE:ZYME) Earns Equal Weight Rating from Analysts at Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of Zymeworks (NYSE:ZYME) in a research note released on Friday, MarketBeat Ratings reports. The brokerage issued an equal weight rating and a $15.00 target price on the stock.

Other research analysts have also recently issued reports about the stock. HC Wainwright set a $26.00 price objective on shares of Zymeworks and gave the stock a “buy” rating in a research note on Tuesday, October 14th. B. Riley began coverage on shares of Zymeworks in a research note on Friday, October 10th. They set a “buy” rating and a $30.00 price objective for the company. Citigroup raised their price objective on shares of Zymeworks from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Zymeworks from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $24.88.

Zymeworks Stock Up 1.9%

NYSE ZYME opened at $17.74 on Friday. Zymeworks has a 52-week low of $9.03 and a 52-week high of $19.50. The stock has a market capitalization of $1.33 billion, a P/E ratio of -11.83 and a beta of 1.51. The firm has a 50-day moving average price of $16.18 and a 200 day moving average price of $13.76.

Zymeworks (NYSE:ZYME) last issued its earnings results on Thursday, August 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.55. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The company had revenue of $48.73 million during the quarter, compared to analysts’ expectations of $17.18 million. During the same period last year, the company posted ($0.49) earnings per share. The firm’s quarterly revenue was up 153.2% compared to the same quarter last year. On average, equities research analysts expect that Zymeworks will post -1.39 earnings per share for the current fiscal year.

Institutional Trading of Zymeworks

A number of hedge funds have recently bought and sold shares of ZYME. EcoR1 Capital LLC boosted its position in Zymeworks by 33.1% during the second quarter. EcoR1 Capital LLC now owns 22,970,388 shares of the company’s stock worth $288,278,000 after acquiring an additional 5,710,840 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Zymeworks by 184.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,879,945 shares of the company’s stock valued at $46,210,000 after purchasing an additional 2,514,834 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Zymeworks by 169.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,326,774 shares of the company’s stock valued at $22,661,000 after purchasing an additional 833,994 shares during the last quarter. Vestal Point Capital LP boosted its holdings in shares of Zymeworks by 130.0% in the 2nd quarter. Vestal Point Capital LP now owns 1,150,000 shares of the company’s stock valued at $14,432,000 after purchasing an additional 650,000 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Zymeworks in the 2nd quarter valued at $5,974,000. Institutional investors and hedge funds 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.