Zymeworks (NASDAQ:ZYME) Given "Market Outperform" Rating at Citizens Jmp

Key Points

• Citizens JMP reiterated its “market outperform” rating on Zymeworks and maintained a $32 price target, implying 16.49% upside from the reported share price.
• Analyst sentiment remains favorable overall, with nine Buy ratings, one Hold and one Sell; the consensus rating is “Moderate Buy” with an average price target of $40.22.
• Zymeworks reported a quarterly loss of $0.62 per share versus the $0.56 expected and revenue of $3.23 million, down 90.6% year over year. The company also authorized a $125 million share buyback covering up to 7% of outstanding shares.

Zymeworks (NASDAQ:ZYME - Get Free Report)'s stock had its "market outperform" rating restated by investment analysts at Citizens Jmp in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $32.00 price objective on the stock. Citizens Jmp's price objective suggests a potential upside of 16.49% from the stock's current price.

Several other research firms also recently issued reports on ZYME. HC Wainwright lifted their price target on Zymeworks from $51.00 to $55.00 and gave the company a "buy" rating in a research note on Wednesday. Wells Fargo & Company upped their price objective on Zymeworks from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Weiss Ratings restated a "sell (d-)" rating on shares of Zymeworks in a research note on Friday, July 17th. Citigroup reaffirmed a "market outperform" rating on shares of Zymeworks in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft set a $32.00 price objective on shares of Zymeworks in a report on Wednesday. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $40.22.

Zymeworks Stock Down 4.5%

Shares of ZYME stock opened at $27.47 on Wednesday. The firm has a fifty day moving average of $24.60 and a 200-day moving average of $24.72. Zymeworks has a 12-month low of $13.60 and a 12-month high of $30.50. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -13.60 and a beta of 1.15.

Zymeworks (NASDAQ:ZYME - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.06). The company had revenue of $3.23 million during the quarter, compared to the consensus estimate of $4.54 million. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The company's revenue was down 90.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.03 earnings per share. On average, equities analysts expect that Zymeworks will post 1.25 EPS for the current year.

Zymeworks announced that its Board of Directors has initiated a share buyback plan on Thursday, May 14th that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Zymeworks

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Zymeworks during the 2nd quarter valued at $111,122,000. Siren L.L.C. bought a new position in Zymeworks in the fourth quarter valued at about $44,238,000. Rubric Capital Management LP boosted its stake in shares of Zymeworks by 21.7% during the first quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company's stock valued at $175,280,000 after purchasing an additional 1,250,000 shares in the last quarter. Perceptive Advisors LLC boosted its stake in shares of Zymeworks by 56.0% during the fourth quarter. Perceptive Advisors LLC now owns 3,261,850 shares of the company's stock valued at $85,885,000 after purchasing an additional 1,171,187 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Zymeworks by 851.6% during the third quarter. Millennium Management LLC now owns 1,104,813 shares of the company's stock valued at $18,870,000 after purchasing an additional 988,711 shares in the last quarter. 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.

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