Zymeworks Inc. (NASDAQ:ZYME) Stock Has Consensus Price Target of $41.67 According to Brokerages

Key Points

• Analyst sentiment is broadly positive: Fourteen firms give Zymeworks a consensus “Moderate Buy” rating, with an average 12-month price target of $41.67.
• Latest quarterly results missed expectations: Zymeworks reported an $0.62-per-share loss versus the $0.56 loss analysts expected, while revenue fell 90.6% year over year to $3.23 million.
• An executive sold 13,832 shares for about $358,000 to cover tax withholding on vested equity awards. Hedge funds and other institutions own 92.89% of the stock.

Zymeworks Inc. (NASDAQ:ZYME - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the fourteen research firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and twelve have given a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $41.67.

ZYME has been the subject of several research reports. Wolfe Research started coverage on Zymeworks in a research report on Thursday, September 17th. They issued an "outperform" rating for the company. Truist Financial lifted their price target on Zymeworks from $34.00 to $35.00 and gave the company a "buy" rating in a research report on Tuesday, October 27th. B. Riley Financial reaffirmed a "buy" rating and issued a $44.00 price target (up from $40.00) on shares of Zymeworks in a research note on Monday, August 10th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Zymeworks in a report on Thursday, October 15th. Finally, Citigroup reissued a "market outperform" rating on shares of Zymeworks in a research report on Monday, October 26th.

Insider Buying and Selling at Zymeworks

In related news, EVP Adam Schayowitz sold 13,832 shares of Zymeworks stock in a transaction dated Friday, October 9th. The stock was sold at an average price of $25.85, for a total value of $357,557.20. Following the completion of the sale, the executive vice president directly owned 23,205 shares in the company, valued at approximately $599,849.25. This trade represents a 37.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 37.73% of the stock is owned by company insiders.

Institutional Investors Weigh In On Zymeworks

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nykredit A S bought a new stake in shares of Zymeworks during the 2nd quarter worth approximately $25,000. Sterling Capital Management LLC increased its position in shares of Zymeworks by 813.3% during the third quarter. Sterling Capital Management LLC now owns 1,507 shares of the company's stock worth $40,000 after acquiring an additional 1,342 shares during the period. State of Wyoming bought a new stake in shares of Zymeworks during the second quarter valued at approximately $73,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Zymeworks during the third quarter valued at approximately $96,000. Finally, State of Alaska Department of Revenue bought a new stake in shares of Zymeworks during the third quarter valued at approximately $102,000. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Zymeworks Price Performance

Zymeworks stock opened at $29.63 on Monday. Zymeworks has a twelve month low of $16.00 and a twelve month high of $31.49. The firm has a fifty day simple moving average of $27.40 and a two-hundred day simple moving average of $25.34. The company has a market capitalization of $2.09 billion, a PE ratio of -14.67 and a beta of 1.32.

Zymeworks (NASDAQ:ZYME - Get Free Report) last posted its earnings results 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). 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 the consensus estimate of $4.54 million. During the same period in the previous year, the business earned $0.03 earnings per share. The firm's revenue for the quarter was down 90.6% compared to the same quarter last year. As a group, equities analysts expect that Zymeworks will post 1.32 earnings per share for the current fiscal year.

Zymeworks Company Profile

Zymeworks Inc is a biopharmaceutical company focused on discovering, developing and commercializing multifunctional biotherapeutics for cancer and other serious diseases. The company is headquartered in Vancouver, British Columbia, and has historically operated internationally through research, development and collaboration activities.

Zymeworks' technology platforms include Azymetric, which is designed to support the development of engineered antibody therapeutics, and ZymeLink, which enables the creation of antibody-drug conjugates and other targeted therapies.

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