Citigroup Issues Positive Forecast for Zymeworks (NYSE:ZYME) Stock Price

Key Points

• Citigroup has raised its price target for Zymeworks (NYSE: ZYME) from $19.00 to $22.00, indicating a potential upside of 81.55% from the previous close.
• Despite mixed ratings from analysts, with two holding and seven buying, Zymeworks currently holds an average rating of "Moderate Buy" and an average price target of $21.43.
• In the most recent quarter, Zymeworks reported an earnings surprise with $0.03 EPS, significantly beating expectations and showing a 153.2% year-over-year increase in revenue.

Zymeworks (NYSE:ZYME - Get Free Report) had its price objective raised by research analysts at Citigroup from $19.00 to $22.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective indicates a potential upside of 68.97% from the company's previous close.

A number of other brokerages also recently issued reports on ZYME. TD Cowen began coverage on Zymeworks in a research note on Tuesday, May 20th. They set a "buy" rating for the company. HC Wainwright reiterated a "neutral" rating and set a $13.00 target price on shares of Zymeworks in a research report on Thursday, July 3rd. Finally, TD Securities started coverage on Zymeworks in a report on Tuesday, May 20th. They set a "buy" rating on the stock. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Zymeworks has a consensus rating of "Moderate Buy" and an average target price of $21.43.

Zymeworks Stock Performance

Shares of ZYME traded up $0.58 during trading hours on Monday, hitting $13.02. The company had a trading volume of 366,843 shares, compared to its average volume of 535,609. Zymeworks has a 52-week low of $9.03 and a 52-week high of $17.70. The firm has a fifty day moving average price of $12.95 and a 200-day moving average price of $12.66. The stock has a market capitalization of $907.27 million, a price-to-earnings ratio of -8.68 and a beta of 1.26.

Zymeworks (NYSE:ZYME - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.52) by $0.55. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The firm had revenue of $48.73 million during the quarter, compared to analyst estimates of $17.18 million. During the same quarter in the prior year, the firm earned ($0.49) EPS. The business's revenue for the quarter was up 153.2% compared to the same quarter last year. Research analysts anticipate that Zymeworks will post -1.39 earnings per share for the current fiscal year.

Insider Activity at Zymeworks

In other Zymeworks news, Director Ecor1 Capital, Llc purchased 49,502 shares of the stock in a transaction on Thursday, May 15th. The stock was acquired at an average price of $11.43 per share, with a total value of $565,807.86. Following the completion of the acquisition, the director owned 17,877,989 shares in the company, valued at $204,345,414.27. The trade was a 0.28% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.92% of the company's stock.

Institutional Investors Weigh In On Zymeworks

Institutional investors have recently added to or reduced their stakes in the business. Sterling Capital Management LLC boosted its holdings in Zymeworks by 781.5% in the fourth quarter. Sterling Capital Management LLC now owns 1,719 shares of the company's stock worth $25,000 after acquiring an additional 1,524 shares in the last quarter. CWM LLC boosted its holdings in Zymeworks by 1,091.2% in the first quarter. CWM LLC now owns 2,299 shares of the company's stock worth $27,000 after acquiring an additional 2,106 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Zymeworks by 1,113.3% in the first quarter. GAMMA Investing LLC now owns 6,467 shares of the company's stock worth $77,000 after acquiring an additional 5,934 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in Zymeworks in the fourth quarter worth about $108,000. Finally, Northwest & Ethical Investments L.P. boosted its holdings in Zymeworks by 83.3% in the first quarter. Northwest & Ethical Investments L.P. now owns 10,030 shares of the company's stock worth $119,000 after acquiring an additional 4,559 shares in the last quarter. Institutional investors and hedge funds own 92.89% of the company's stock.

About Zymeworks

Zymeworks Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company's lead product candidates include zanidatamab, a human epidermal growth factor receptor 2 (HER2) that is in Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.