Zymeworks (NYSE:ZYME) Sees Strong Trading Volume After Analyst Upgrade

Shares of Zymeworks Inc. (NYSE:ZYME) saw strong trading volume on Tuesday after HC Wainwright raised their price target on the stock from $26.00 to $32.00. HC Wainwright currently has a buy rating on the stock. 636,424 shares traded hands during trading, a decline of 1% from the previous session’s volume of 640,148 shares.The stock last traded at $22.4740 and had previously closed at $23.90.

Several other equities analysts have also commented on ZYME. Citigroup raised their price objective on Zymeworks from $19.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, August 11th. Leerink Partners set a $37.00 price target on shares of Zymeworks in a research report on Monday. Wells Fargo & Company boosted their price objective on shares of Zymeworks from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Friday, November 7th. JPMorgan Chase & Co. raised their target price on shares of Zymeworks from $20.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Finally, B. Riley initiated coverage on Zymeworks in a research report on Friday, October 10th. They issued a “buy” rating and a $30.00 price target on the stock. Seven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $27.29.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. CWM LLC boosted its position in shares of Zymeworks by 1,091.2% during the first quarter. CWM LLC now owns 2,299 shares of the company’s stock valued at $27,000 after buying an additional 2,106 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Zymeworks by 25.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,531 shares of the company’s stock valued at $292,000 after acquiring an additional 4,920 shares during the period. Picton Mahoney Asset Management lifted its stake in Zymeworks by 0.7% during the 1st quarter. Picton Mahoney Asset Management now owns 208,029 shares of the company’s stock valued at $2,477,000 after acquiring an additional 1,460 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Zymeworks by 1.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 133,639 shares of the company’s stock valued at $1,592,000 after acquiring an additional 2,333 shares during the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Zymeworks by 0.4% in the first quarter. Deutsche Bank AG now owns 1,552,612 shares of the company’s stock worth $18,492,000 after acquiring an additional 5,840 shares during the period. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Zymeworks Stock Down 3.8%

The stock has a market capitalization of $1.72 billion, a PE ratio of -15.33 and a beta of 1.48. The firm’s fifty day moving average price is $17.73 and its two-hundred day moving average price is $14.66.

Zymeworks (NYSE:ZYME) last issued its earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.02. The company had revenue of $27.61 million for the quarter, compared to analysts’ expectations of $33.69 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The firm’s quarterly revenue was up 72.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.39) earnings per share. As a group, analysts predict that Zymeworks Inc. will post -1.39 EPS for the current year.

Zymeworks Company Profile

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.