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 increased by research analysts at Citigroup from $19.00 to $22.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price target suggests a potential upside of 55.92% from the company's current price.

ZYME has been the topic of a number of other research reports. TD Cowen initiated coverage on Zymeworks in a report on Tuesday, May 20th. They set a "buy" rating on the stock. HC Wainwright reissued a "neutral" rating and set a $13.00 price objective on shares of Zymeworks in a research note on Thursday, July 3rd. Finally, TD Securities began coverage on shares of Zymeworks in a research note on Tuesday, May 20th. They set a "buy" rating for the company. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Zymeworks presently has a consensus rating of "Moderate Buy" and an average price target of $21.43.

Zymeworks Stock Performance

ZYME traded down $0.19 during trading on Monday, hitting $14.11. 167,845 shares of the stock were exchanged, compared to its average volume of 534,336. Zymeworks has a 1 year low of $9.03 and a 1 year high of $17.70. The firm has a 50 day simple moving average of $13.03 and a 200 day simple moving average of $12.66. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of -9.41 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, topping analysts' consensus estimates of ($0.52) by $0.55. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The company had revenue of $48.73 million for the quarter, compared to analysts' expectations of $17.18 million. During the same period in the prior year, the firm earned ($0.49) earnings per share. The firm's revenue was up 153.2% compared to the same quarter last year. As a group, equities analysts anticipate that Zymeworks will post -1.39 earnings per share for the current fiscal year.

Insider Transactions at Zymeworks

In other news, Director Ecor1 Capital, Llc purchased 5,919 shares of the firm's stock in a transaction on Monday, May 19th. The stock was bought at an average cost of $11.78 per share, for a total transaction of $69,725.82. Following the completion of the acquisition, the director directly owned 17,883,908 shares of the company's stock, valued at approximately $210,672,436.24. The trade was a 0.03% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.92% of the stock is owned by company insiders.

Institutional Investors Weigh In On Zymeworks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ZYME. EcoR1 Capital LLC lifted its position in shares of Zymeworks by 33.1% in the second quarter. EcoR1 Capital LLC now owns 22,970,388 shares of the company's stock worth $288,278,000 after purchasing an additional 5,710,840 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Zymeworks by 184.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,879,945 shares of the company's stock valued at $46,210,000 after purchasing an additional 2,514,834 shares during the period. Deutsche Bank AG increased its position in Zymeworks by 0.4% during the 1st quarter. Deutsche Bank AG now owns 1,552,612 shares of the company's stock valued at $18,492,000 after purchasing an additional 5,840 shares during the period. Dimensional Fund Advisors LP increased its position in Zymeworks by 14.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 972,742 shares of the company's stock valued at $14,240,000 after purchasing an additional 123,240 shares during the period. Finally, Bridgeway Capital Management LLC increased its position in Zymeworks by 1.0% during the 1st quarter. Bridgeway Capital Management LLC now owns 766,944 shares of the company's stock valued at $9,134,000 after purchasing an additional 7,291 shares during the period. 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.