Zymeworks (NYSE:ZYME) Now Covered by Truist Financial

Truist Financial began coverage on shares of Zymeworks (NYSE:ZYME) in a research report sent to investors on Wednesday, Marketbeat reports. The brokerage issued a buy rating and a $40.00 target price on the stock.

ZYME has been the topic of several other reports. Wells Fargo & Company upgraded Zymeworks from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $25.00 to $33.00 in a research report on Friday, December 12th. JMP Securities set a $32.00 price target on Zymeworks in a research note on Wednesday, December 3rd. JPMorgan Chase & Co. lifted their price objective 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. Leerink Partners set a $37.00 price objective on shares of Zymeworks in a report on Monday, November 17th. Finally, Citizens Jmp began coverage on shares of Zymeworks in a research report on Wednesday, December 3rd. They issued a “market outperform” rating and a $32.00 target price for the company. Eleven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Zymeworks has an average rating of “Buy” and a consensus price target of $32.82.

Zymeworks Stock Performance

ZYME stock opened at $25.59 on Wednesday. The stock’s fifty day moving average is $21.62 and its two-hundred day moving average is $16.70. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -17.06 and a beta of 1.27. Zymeworks has a 1 year low of $9.03 and a 1 year high of $28.49.

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

Institutional Investors Weigh In On Zymeworks

Several hedge funds and other institutional investors have recently bought and sold shares of ZYME. Charles Schwab Investment Management Inc. grew its stake in shares of Zymeworks by 1.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 133,639 shares of the company’s stock worth $1,592,000 after purchasing an additional 2,333 shares during the last quarter. Invesco Ltd. boosted its holdings in Zymeworks by 12.7% during the first quarter. Invesco Ltd. now owns 78,206 shares of the company’s stock worth $931,000 after buying an additional 8,824 shares in the last quarter. Nuveen LLC bought a new stake in Zymeworks during the first quarter worth approximately $2,368,000. Northwest & Ethical Investments L.P. grew its position in Zymeworks by 83.3% in the first quarter. Northwest & Ethical Investments L.P. now owns 10,030 shares of the company’s stock worth $119,000 after buying an additional 4,559 shares during the last quarter. Finally, AlphaQuest LLC increased its holdings in shares of Zymeworks by 1,028.1% in the first quarter. AlphaQuest LLC now owns 31,676 shares of the company’s stock valued at $377,000 after buying an additional 28,868 shares in the last quarter. 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.