Zymeworks (NASDAQ:ZYME) Stock Price Down 6.6% – Here’s Why

Shares of Zymeworks Inc. (NASDAQ:ZYME) were down 6.6% during trading on Wednesday. The company traded as low as $28.98 and last traded at $29.38. Approximately 76,148 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 780,271 shares. The stock had previously closed at $31.46.

Latest Zymeworks News

Here’s some of the latest news about ZYME:

• Positive Sentiment: Zymeworks’ earnings exceeded expectations, and its shares reached a 52-week high following the results. The company reported EPS of $2.28 versus a $2.27 consensus estimate, while revenue also topped forecasts. Zymeworks Hits New 52-Week High After Better-Than-Expected Earnings
• Positive Sentiment: A report highlighted a milestone payment as supporting Zymeworks’ outlook after its profitable quarter. Milestone Payment Lifts Zymeworks Stock Outlook After Profitable Quarter
• Positive Sentiment: Analysts at TD Cowen raised their price target, while Truist’s forecast pointed to potential price appreciation. Citi also raised its target to $44 and maintained a Buy rating. Zymeworks Stock Gets Price Target Boost from TD Cowen Truist Financial Forecasts Strong Price Appreciation for Zymeworks Citi Raises Zymeworks Price Target

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ZYME. Wolfe Research assumed coverage on shares of Zymeworks in a research note on Thursday, September 17th. They set an “outperform” rating on the stock. Wells Fargo & Company boosted their target price on shares of Zymeworks from $37.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Deutsche Bank set a $32.00 price target on shares of Zymeworks in a report on Wednesday, August 26th. Truist Financial boosted their price objective on shares of Zymeworks from $35.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Zymeworks from $31.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, September 3rd. Twelve investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.67.

Zymeworks Price Performance

The stock has a 50-day simple moving average of $27.39 and a 200-day simple moving average of $25.46. The stock has a market cap of $1.83 billion, a P/E ratio of 50.90 and a beta of 1.32.

Zymeworks (NASDAQ:ZYME) last posted its earnings results on Monday, November 9th. The company reported $2.28 EPS for the quarter, topping analysts’ consensus estimates of $2.27 by $0.01. The firm had revenue of $512.92 million during the quarter, compared to analysts’ expectations of $227.40 million. Zymeworks had a net margin of 16.10% and a return on equity of 22.23%. The business’s revenue for the quarter was up 828.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.26) earnings per share. As a group, sell-side analysts forecast that Zymeworks Inc. will post 1.31 earnings per share for the current year.

Insider Activity

In related news, EVP Adam Schayowitz sold 13,832 shares of Zymeworks stock in a transaction that occurred on Friday, October 9th. The shares were sold at an average price of $25.85, for a total transaction of $357,557.20. Following the sale, the executive vice president directly owned 23,205 shares of the company’s stock, valued at approximately $599,849.25. The trade was a 37.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 37.73% of the company’s stock.

Institutional Trading of Zymeworks

A number of hedge funds have recently added to or reduced their stakes in ZYME. Janney Montgomery Scott LLC increased its holdings in shares of Zymeworks by 3.8% during the first quarter. Janney Montgomery Scott LLC now owns 11,487 shares of the company’s stock worth $288,000 after buying an additional 420 shares in the last quarter. Tema ETFs LLC boosted its holdings in shares of Zymeworks by 0.7% during the 2nd quarter. Tema ETFs LLC now owns 105,615 shares of the company’s stock valued at $2,761,000 after acquiring an additional 684 shares in the last quarter. Tidal Investments LLC boosted its holdings in shares of Zymeworks by 0.7% during the 2nd quarter. Tidal Investments LLC now owns 105,615 shares of the company’s stock valued at $2,761,000 after acquiring an additional 684 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Zymeworks by 10.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,507 shares of the company’s stock worth $221,000 after acquiring an additional 800 shares during the last quarter. Finally, Nykredit A S bought a new stake in Zymeworks during the 2nd quarter worth $25,000. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Zymeworks

Zymeworks Inc. is a biotechnology company headquartered in Vancouver, Canada, that develops engineered medicines, with a focus on treatments for cancer and other serious diseases. Its antibody-engineering technologies are designed to create therapies that can engage multiple biological targets or modify immune responses. The company’s lead program is zanidatamab, a HER2-targeted bispecific antibody. In the United States, it is marketed by partner Jazz Pharmaceuticals as Ziihera for certain adults with previously treated, unresectable or metastatic biliary tract cancer.