Zymeworks Inc. (NASDAQ:ZYME) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Zymeworks holds a “Moderate Buy” consensus rating from 12 analysts: 10 buy ratings, one hold and one sell. The average 12-month price target is $41, representing potential upside from the reported $26.57 opening price.
• Several analysts recently raised their targets, including HC Wainwright to $55, B. Riley to $44 and Wells Fargo to $40; Wolfe Research also initiated coverage with an “outperform” rating.
• The company reported weaker-than-expected quarterly results, with an adjusted loss of $0.62 per share and revenue of $3.23 million, down 90.6% year over year. Institutional investors own approximately 92.89% of the stock.

Shares of Zymeworks Inc. (NASDAQ:ZYME - Get Free Report) have been assigned an average rating of "Moderate Buy" from the twelve ratings firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating and ten have issued a buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $41.00.

ZYME has been the topic of a number of research reports. B. Riley Financial reiterated 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. Wells Fargo & Company upped their price target on shares of Zymeworks from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. HC Wainwright lifted 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. Wolfe Research started coverage on shares of Zymeworks in a report on Thursday. They issued an "outperform" rating for the company. Finally, Citigroup restated a "market outperform" rating on shares of Zymeworks in a research report on Wednesday, August 26th.

Zymeworks Price Performance

Shares of ZYME stock opened at $26.57 on Friday. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of -13.15 and a beta of 1.19. The company's fifty day moving average price is $25.75 and its 200-day moving average price is $25.35. Zymeworks has a one year low of $15.81 and a one year 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 analysts' consensus estimates of ($0.56) by ($0.06). Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.The business had revenue of $3.23 million during the quarter, compared to analysts' expectations of $4.54 million. During the same period in the prior year, the firm posted $0.03 earnings per share. The firm's revenue for the quarter was down 90.6% on a year-over-year basis. Equities research analysts expect that Zymeworks will post 1.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Zymeworks

Hedge funds and other institutional investors have recently made changes to their positions in the company. Janney Montgomery Scott LLC increased its stake in Zymeworks by 3.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,487 shares of the company's stock worth $288,000 after buying an additional 420 shares during the period. Tema ETFs LLC raised its position in shares of Zymeworks by 0.7% in the 2nd quarter. Tema ETFs LLC now owns 105,615 shares of the company's stock valued at $2,761,000 after purchasing an additional 684 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of Zymeworks by 0.7% in the second quarter. Tidal Investments LLC now owns 105,615 shares of the company's stock worth $2,761,000 after buying an additional 684 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Zymeworks by 10.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 8,507 shares of the company's stock worth $221,000 after buying an additional 800 shares during the last quarter. Finally, Nykredit A S acquired a new stake in shares of Zymeworks during the second quarter worth $25,000. Hedge funds and other institutional investors own 92.89% of the company's stock.

About Zymeworks

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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