Zymeworks (NASDAQ:ZYME) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Zymeworks reported quarterly EPS of $2.28, edging past the $2.27 consensus estimate, while revenue of $512.92 million far exceeded the $227.40 million forecast.
• Despite the revenue growth, the company posted a negative return on equity of 72.30% and a negative net margin of 405.31%.
• Shares rose to $30.81 in Monday’s trading. Analysts hold a “Moderate Buy” consensus rating, with an average price target of $41.67.

Zymeworks (NASDAQ:ZYME - Get Free Report) released its quarterly earnings results on Monday. The company reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.27 by $0.01, FiscalAI reports. Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%. The business had revenue of $512.92 million during the quarter, compared to the consensus estimate of $227.40 million.

Zymeworks Price Performance

Zymeworks stock traded up $1.18 during mid-day trading on Monday, reaching $30.81. 1,108,276 shares of the company were exchanged, compared to its average volume of 779,299. The company has a fifty day simple moving average of $27.40 and a 200-day simple moving average of $25.34. Zymeworks has a 12 month low of $16.57 and a 12 month high of $31.49. The firm has a market cap of $2.17 billion, a PE ratio of -15.25 and a beta of 1.32.

Analyst Ratings Changes

ZYME has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft set a $32.00 target price on Zymeworks in a report on Wednesday, August 26th. HC Wainwright upped their price target on shares of Zymeworks from $51.00 to $55.00 and gave the company a "buy" rating in a research note on Wednesday, August 26th. JPMorgan Chase & Co. raised their price target on shares of Zymeworks from $31.00 to $33.00 and gave the stock an "overweight" rating in a research report on Thursday, September 3rd. Truist Financial lifted their price objective on shares of Zymeworks from $34.00 to $35.00 and gave the stock a "buy" rating in a research note on Tuesday, October 27th. Finally, Citizens Jmp reiterated a "market outperform" rating and issued a $32.00 price objective on shares of Zymeworks in a research note on Wednesday, August 26th. Twelve 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.com, the stock has an average rating of "Moderate Buy" and an average price target of $41.67.

Insiders Place Their Bets

In other news, EVP Adam Schayowitz sold 13,832 shares of the company's stock in a transaction on Friday, October 9th. The stock was sold at an average price of $25.85, for a total transaction 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 represents a 37.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 37.73% of the stock is owned by corporate insiders.

Zymeworks Company Profile

Zymeworks Inc is a biotechnology company headquartered in Vancouver, Canada, that develops engineered medicines, with a focus on treatments for cancer and other serious diseases. Its antibody-engineering technologies are designed to create therapies that can engage multiple biological targets or modify immune responses.

The company's lead program is zanidatamab, a HER2-targeted bispecific antibody. In the United States, it is marketed by partner Jazz Pharmaceuticals as Ziihera for certain adults with previously treated, unresectable or metastatic biliary tract cancer.

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