Zymeworks (NASDAQ:ZYME) Now Covered by Wolfe Research

Equities researchers at Wolfe Research initiated coverage on shares of Zymeworks (NASDAQ:ZYME) in a research report issued on Thursday, MarketBeat.com reports. The firm set an “outperform” rating on the stock.

Other research analysts have also recently issued research reports about the company. Stifel Nicolaus set a $46.00 price target on Zymeworks in a research report on Friday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of Zymeworks from $31.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Zymeworks in a research note on Friday, July 17th. Citigroup restated a “market outperform” rating on shares of Zymeworks in a report on Wednesday, August 26th. Finally, Truist Financial lifted their target price on shares of Zymeworks from $31.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Ten investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Zymeworks Price Performance

Shares of NASDAQ:ZYME opened at $26.24 on Thursday. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of -12.99 and a beta of 1.19. The business’s 50 day simple moving average is $25.72 and its 200-day simple moving average is $25.31. Zymeworks has a 12 month low of $15.79 and a 12 month high of $31.34.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings data on Friday, August 7th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.06). The firm had revenue of $3.23 million during the quarter, compared to analysts’ expectations of $4.54 million. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The business’s revenue for the quarter was down 90.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.03 earnings per share. On average, equities analysts anticipate that Zymeworks will post 1.38 earnings per share for the current year.

Institutional Trading of Zymeworks

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Zymeworks in the second quarter worth about $111,122,000. Rubric Capital Management LP lifted its position in Zymeworks by 21.7% during the 1st quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock worth $175,280,000 after acquiring an additional 1,250,000 shares in the last quarter. Perceptive Advisors LLC lifted its position in Zymeworks by 56.0% during the 4th quarter. Perceptive Advisors LLC now owns 3,261,850 shares of the company’s stock worth $85,885,000 after acquiring an additional 1,171,187 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Zymeworks by 72.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,252,027 shares of the company’s stock worth $32,728,000 after acquiring an additional 524,041 shares during the period. Finally, Deutsche Bank AG purchased a new position in Zymeworks in the 2nd quarter worth approximately $10,383,000. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Zymeworks

Zymeworks Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for cancer and other serious diseases. The company uses its proprietary Azymetric and EFECT antibody-engineering platforms to design multifunctional biotherapeutics, including bispecific antibodies and antibody-drug conjugates intended to address complex disease biology.

Zymeworks’ leading product is zanidatamab, a bispecific antibody targeting HER2. In the United States, zanidatamab is marketed as Ziiたhera for previously treated, unresectable or metastatic HER2-positive biliary tract cancer.