HC Wainwright Forecasts Strong Price Appreciation for Zymeworks (NASDAQ:ZYME) Stock

Key Points

• HC Wainwright raised its Zymeworks price target to $56 from $55 and maintained a Buy rating, implying about 81.8% upside from the stock’s current price.
• Analyst sentiment is broadly positive: 12 analysts rate the shares Buy, and the consensus rating is Moderate Buy with an average price target of $41.75.
• Zymeworks reported quarterly EPS of $2.28, slightly above estimates, and revenue of $512.92 million versus expectations of $227.40 million; revenue was up 828.7% year over year.

Zymeworks (NASDAQ:ZYME - Get Free Report) had its target price lifted by analysts at HC Wainwright from $55.00 to $56.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. HC Wainwright's price objective suggests a potential upside of 81.76% from the stock's current price.

Other research analysts also recently issued reports about the company. Citigroup reissued a "market outperform" rating on shares of Zymeworks in a research note on Monday, October 26th. Jefferies Financial Group reiterated a "buy" rating and issued a $52.00 target price on shares of Zymeworks in a report on Friday, October 23rd. Stifel Nicolaus set a $46.00 price objective on shares of Zymeworks in a research report on Friday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of Zymeworks from $31.00 to $33.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. Finally, Citizens Jmp reiterated a "market outperform" rating and set a $32.00 target price on shares of Zymeworks in a research report on Wednesday, August 26th. Twelve research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $41.75.

Zymeworks Trading Up 4.0%

NASDAQ ZYME opened at $30.81 on Tuesday. The firm has a market capitalization of $2.17 billion, a PE ratio of -15.25 and a beta of 1.32. The business's 50-day moving average price is $27.46 and its two-hundred day moving average price is $25.38. Zymeworks has a 12 month low of $16.57 and a 12 month high of $31.49.

Zymeworks (NASDAQ:ZYME - Get Free Report) last posted its quarterly earnings data on Monday, November 9th. The company reported $2.28 earnings per share for the quarter, topping the consensus estimate of $2.27 by $0.01. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The company had revenue of $512.92 million during the quarter, compared to analysts' expectations of $227.40 million. During the same period in the prior year, the company posted ($0.26) earnings per share. Zymeworks's revenue for the quarter was up 828.7% compared to the same quarter last year. As a group, analysts forecast that Zymeworks will post 1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Adam Schayowitz sold 13,832 shares of the business's stock in a transaction that occurred on Friday, October 9th. The stock was sold at an average price of $25.85, for a total transaction of $357,557.20. Following the completion of the sale, the executive vice president owned 23,205 shares in the company, valued at $599,849.25. The trade was a 37.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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.

Hedge Funds Weigh In On Zymeworks

A number of large investors have recently modified their holdings of the company. Fisher Asset Management LLC grew its position in Zymeworks by 759.9% in the 3rd quarter. Fisher Asset Management LLC now owns 608,612 shares of the company's stock valued at $16,122,000 after purchasing an additional 537,837 shares during the period. Russell Investments Group Ltd. increased its stake in Zymeworks by 104.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 97,994 shares of the company's stock valued at $2,596,000 after purchasing an additional 50,127 shares in the last quarter. Calamos Advisors LLC acquired a new position in Zymeworks during the third quarter worth $1,232,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Zymeworks during the third quarter worth $96,000. Finally, ProShare Advisors LLC raised its holdings in Zymeworks by 91.5% during the third quarter. ProShare Advisors LLC now owns 16,390 shares of the company's stock worth $434,000 after buying an additional 7,833 shares during the last quarter. 92.89% of the stock is currently owned by institutional investors.

Zymeworks Company Profile

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.

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