JPMorgan Chase & Co. Issues Positive Forecast for Zymeworks (NYSE:ZYME) Stock Price

Key Points

• JPMorgan Chase & Co. raised its price target for Zymeworks (NYSE:ZYME) from $20.00 to $23.00, signaling a potential upside of 23.52% from the stock's current price and maintaining an "overweight" rating.
• Other brokerages also support a positive outlook, with B. Riley setting a target price of $30.00 and Citigroup raising theirs from $19.00 to $22.00, reflecting overall consensus ratings leaning towards "Buy."
• Zymeworks showed strong earnings performance with a reported $0.03 EPS, significantly exceeding analysts' expectations, alongside a remarkable 153.2% year-over-year revenue increase to $48.73 million.

Zymeworks (NYSE:ZYME - Get Free Report) had its price objective increased by stock analysts at JPMorgan Chase & Co. from $20.00 to $23.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 23.52% from the stock's current price.

Several other brokerages also recently issued reports on ZYME. B. Riley initiated coverage on Zymeworks in a research note on Friday, October 10th. They set a "buy" rating and a $30.00 target price on the stock. Citigroup lifted their target price on Zymeworks from $19.00 to $22.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Finally, HC Wainwright set a $26.00 target price on Zymeworks and gave the company a "buy" rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $24.75.

Zymeworks Stock Up 2.1%

Shares of ZYME opened at $18.62 on Thursday. The business has a 50-day simple moving average of $15.50 and a two-hundred day simple moving average of $13.38. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -12.41 and a beta of 1.51. Zymeworks has a 52 week low of $9.03 and a 52 week high of $19.50.

Zymeworks (NYSE:ZYME - Get Free Report) last issued 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. The business had revenue of $48.73 million during the quarter, compared to analysts' expectations of $17.18 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%.The business's quarterly revenue was up 153.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.49) earnings per share. On average, equities analysts anticipate that Zymeworks will post -1.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Zymeworks

Several large investors have recently modified their holdings of ZYME. CWM LLC increased its position in shares of Zymeworks by 1,091.2% during the 1st quarter. CWM LLC now owns 2,299 shares of the company's stock valued at $27,000 after purchasing an additional 2,106 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Zymeworks by 29.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company's stock valued at $62,000 after purchasing an additional 1,131 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Zymeworks by 1,113.3% during the 1st quarter. GAMMA Investing LLC now owns 6,467 shares of the company's stock valued at $77,000 after purchasing an additional 5,934 shares during the last quarter. Northwest & Ethical Investments L.P. increased its position in shares of Zymeworks by 83.3% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 10,030 shares of the company's stock valued at $119,000 after purchasing an additional 4,559 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of Zymeworks by 157.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company's stock valued at $129,000 after purchasing an additional 6,307 shares during the last quarter. Institutional investors 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.

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