JPMorgan Chase & Co. Boosts Zymeworks (NASDAQ:ZYME) Price Target to $33.00

Key Points

• JPMorgan raised its Zymeworks price target to $33 from $31 and maintained an “overweight” rating, implying 10.37% upside from the reported $29.90 share price.
• Analyst sentiment is broadly positive, with nine Buy ratings, one Hold and one Sell; the consensus rating is “Moderate Buy” with an average price target of $41.
• Zymeworks reported weaker-than-expected quarterly results, including an adjusted loss of $0.62 per share versus a $0.56 consensus loss and revenue of $3.23 million versus expectations of $4.54 million.

Zymeworks (NASDAQ:ZYME - Get Free Report) had its target price boosted by analysts at JPMorgan Chase & Co. from $31.00 to $33.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 10.37% from the stock's current price.

ZYME has been the topic of several other reports. Wells Fargo & Company raised their target price on Zymeworks from $37.00 to $40.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. B. Riley Financial reissued a "buy" rating and issued a $44.00 price target (up from $40.00) on shares of Zymeworks in a report on Monday, August 10th. Weiss Ratings restated a "sell (d-)" rating on shares of Zymeworks in a research report on Friday, July 17th. HC Wainwright raised their price objective on shares of Zymeworks from $51.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, August 26th. Finally, Deutsche Bank Aktiengesellschaft set a $32.00 target price on shares of Zymeworks in a research note on Wednesday, August 26th. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $41.00.

Zymeworks Stock Performance

Shares of Zymeworks stock traded down $1.15 during trading on Thursday, hitting $29.90. 605,063 shares of the company's stock were exchanged, compared to its average volume of 680,072. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of -14.80 and a beta of 1.19. The business has a 50-day simple moving average of $25.32 and a 200-day simple moving average of $25.00. Zymeworks has a 52-week low of $14.06 and a 52-week high of $31.34.

Zymeworks (NASDAQ:ZYME - Get Free Report) last posted its quarterly earnings results on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.06). The business 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%. Zymeworks's revenue for the quarter was down 90.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.03 earnings per share. On average, equities analysts anticipate that Zymeworks will post 1.37 earnings per share for the current fiscal year.

Zymeworks announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 14th that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ZYME. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Zymeworks during the 2nd quarter valued at approximately $508,000. California State Teachers Retirement System increased its holdings in Zymeworks by 2,538.8% in the 2nd quarter. California State Teachers Retirement System now owns 986,628 shares of the company's stock worth $25,790,000 after acquiring an additional 949,239 shares in the last quarter. Nykredit A S acquired a new position in Zymeworks during the second quarter worth $25,000. Susquehanna Fundamental Investments LLC purchased a new position in Zymeworks during the second quarter valued at $475,000. Finally, Wellington Management Group LLP purchased a new position in Zymeworks during the second quarter valued at $2,876,000. 92.89% of the stock is owned by institutional investors and hedge funds.

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.

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