Zymeworks’ (ZYME) “Buy” Rating Reiterated at HC Wainwright

Zymeworks (NASDAQ:ZYME)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a report released on Wednesday, Marketbeat.com reports. They currently have a $46.00 price target on the stock. HC Wainwright’s target price points to a potential upside of 90.79% from the stock’s previous close.

Several other research analysts have also recently commented on ZYME. Weiss Ratings reiterated a “sell (d-)” rating on shares of Zymeworks in a research note on Monday, April 20th. Stifel Nicolaus upped their target price on Zymeworks from $40.00 to $47.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. Wells Fargo & Company raised their price target on shares of Zymeworks from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Truist Financial raised shares of Zymeworks to a “strong-buy” rating in a report on Monday, April 27th. Finally, Leerink Partners raised their price objective on shares of Zymeworks from $52.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $38.00.

Zymeworks Trading Down 1.8%

Shares of ZYME stock opened at $24.11 on Wednesday. The firm has a fifty day simple moving average of $25.83 and a 200-day simple moving average of $24.82. The company has a market capitalization of $1.76 billion, a PE ratio of -17.60 and a beta of 1.15. Zymeworks has a twelve month low of $11.51 and a twelve month high of $29.75.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings results on Tuesday, March 31st. The company reported ($0.59) earnings per share (EPS) for the quarter. The firm had revenue of $2.41 million for the quarter. Zymeworks had a negative return on equity of 37.97% and a negative net margin of 126.92%. Equities research analysts predict that Zymeworks will post 1.64 EPS for the current year.

Zymeworks declared that its board has approved a stock buyback plan on Thursday, May 14th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the company to purchase up to 7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ZYME. Caitong International Asset Management Co. Ltd acquired a new stake in Zymeworks in the fourth quarter worth $37,000. Optiver Holding B.V. acquired a new position in shares of Zymeworks during the third quarter valued at $26,000. Quarry LP acquired a new position in shares of Zymeworks during the third quarter valued at $50,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Zymeworks by 25.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company’s stock worth $96,000 after acquiring an additional 731 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Zymeworks by 29.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock worth $62,000 after acquiring an additional 1,131 shares during the period. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Zymeworks

Zymeworks Inc is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics. The company specializes in engineered antibody and protein therapeutics designed to address a range of unmet medical needs in oncology and other serious diseases. Through its proprietary platforms, Zymeworks aims to create novel bispecific and multispecific molecules that can simultaneously engage multiple targets and recruit immune effector functions to enhance potency and specificity.

At the core of Zymeworks’ innovation is its Azymetric™ bispecific antibody platform, which enables the design of asymmetrical bispecific antibodies with controlled assembly and high stability.