Zymeworks (NASDAQ:ZYME) Stock Rated "Buy" in New Coverage at TD Cowen

Key Points

• TD Cowen initiated coverage of Zymeworks with a “Buy” rating and a $34 price target, implying approximately 25% upside from the stock’s $27.20 price.
• Analyst sentiment is broadly positive: 11 analysts rate the stock Buy, with a consensus “Moderate Buy” rating and an average price target of $40.36.
• Zymeworks reported weaker-than-expected quarterly results, including a $0.62 loss per share versus a $0.56 consensus loss and revenue of $3.23 million versus $4.54 million expected; institutional investors own 92.89% of the company.

Research analysts at TD Cowen began coverage on shares of Zymeworks (NASDAQ:ZYME - Get Free Report) in a research report issued to clients and investors on Tuesday, Briefing.com reports. The brokerage set a "buy" rating and a $34.00 price target on the stock. TD Cowen's price objective points to a potential upside of 25.01% from the company's current price.

ZYME has been the topic of a number of other research reports. Truist Financial boosted their price objective on Zymeworks from $31.00 to $32.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. B. Riley Financial restated a "buy" rating and issued a $44.00 target price (up from $40.00) on shares of Zymeworks in a research note on Monday, August 10th. Wolfe Research initiated coverage on shares of Zymeworks in a research report on Thursday, September 17th. They issued an "outperform" rating for the company. HC Wainwright boosted their price target on Zymeworks from $51.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, August 26th. Finally, Wells Fargo & Company raised their price objective on Zymeworks from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Eleven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $40.36.

Zymeworks Trading Up 0.3%

Shares of Zymeworks stock traded up $0.08 on Tuesday, reaching $27.20. 168,242 shares of the stock were exchanged, compared to its average volume of 685,283. The business has a fifty day moving average price of $26.06 and a two-hundred day moving average price of $25.46. The firm has a market capitalization of $1.93 billion, a PE ratio of -13.53 and a beta of 1.19. Zymeworks has a 1-year low of $16.00 and a 1-year high of $31.34.

Zymeworks (NASDAQ:ZYME - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The company reported ($0.62) earnings per share (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 return on equity of 72.30% and a negative net margin of 405.31%.The company's revenue was down 90.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 EPS. Research analysts expect that Zymeworks will post 1.38 EPS for the current year.

Hedge Funds Weigh In On Zymeworks

Several institutional investors have recently modified their holdings of the company. Rubric Capital Management LP lifted its holdings in Zymeworks by 21.7% in the first quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company's stock worth $175,280,000 after purchasing an additional 1,250,000 shares during the period. BlackRock Inc. bought a new position in Zymeworks in the 2nd quarter valued at about $111,122,000. Perceptive Advisors LLC increased its stake in Zymeworks by 7.6% during the 1st quarter. Perceptive Advisors LLC now owns 3,510,078 shares of the company's stock valued at $87,892,000 after buying an additional 248,228 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Zymeworks by 72.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,252,027 shares of the company's stock worth $32,728,000 after buying an additional 524,041 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Zymeworks by 6.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 743,898 shares of the company's stock worth $18,627,000 after acquiring an additional 43,896 shares during the period. Institutional investors own 92.89% of the company's stock.

Zymeworks Company Profile

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.

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