Brokerages forecast that Zymeworks Inc. (NYSE:ZYME) will announce $7.26 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Zymeworks' earnings. The lowest sales estimate is $3.00 million and the highest is $12.50 million. Zymeworks posted sales of $12.36 million during the same quarter last year, which suggests a negative year-over-year growth rate of 41.3%. The company is scheduled to report its next quarterly earnings report on Wednesday, August 4th.
On average, analysts expect that Zymeworks will report full year sales of $25.85 million for the current year, with estimates ranging from $4.00 million to $41.14 million. For the next year, analysts forecast that the business will report sales of $200.06 million, with estimates ranging from $30.00 million to $970.00 million. Zacks Investment Research's sales averages are an average based on a survey of sell-side analysts that follow Zymeworks.
Zymeworks (NYSE:ZYME) last issued its quarterly earnings data on Wednesday, May 5th. The company reported ($0.87) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.04) by $0.17. Zymeworks had a negative net margin of 619.31% and a negative return on equity of 45.36%. The firm had revenue of $0.64 million for the quarter, compared to the consensus estimate of $6.89 million.
ZYME has been the topic of a number of analyst reports. Credit Suisse Group initiated coverage on shares of Zymeworks in a research report on Tuesday, March 30th. They issued an "outperform" rating and a $55.00 price objective on the stock. Raymond James set a $74.00 price objective on shares of Zymeworks and gave the stock a "strong-buy" rating in a research report on Thursday, May 6th. Zacks Investment Research downgraded shares of Zymeworks from a "buy" rating to a "hold" rating in a research report on Wednesday, July 14th. Finally, HC Wainwright dropped their target price on shares of Zymeworks from $57.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday, May 7th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of "Buy" and an average price target of $51.63.
In other news, CEO Ali Tehrani sold 12,669 shares of the company's stock in a transaction on Monday, July 12th. The shares were sold at an average price of $36.12, for a total value of $457,604.28. Following the sale, the chief executive officer now directly owns 272,994 shares of the company's stock, valued at approximately $9,860,543.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.14% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in ZYME. FMR LLC lifted its stake in shares of Zymeworks by 331.4% in the 1st quarter. FMR LLC now owns 2,401,897 shares of the company's stock valued at $38,863,000 after purchasing an additional 1,845,142 shares during the period. Armistice Capital LLC lifted its stake in shares of Zymeworks by 266.7% in the 1st quarter. Armistice Capital LLC now owns 1,650,000 shares of the company's stock valued at $52,107,000 after purchasing an additional 1,200,000 shares during the period. Morgan Stanley lifted its stake in shares of Zymeworks by 292.1% in the 4th quarter. Morgan Stanley now owns 1,543,645 shares of the company's stock valued at $72,952,000 after purchasing an additional 1,149,999 shares during the period. Lone Pine Capital LLC acquired a new position in shares of Zymeworks in the 4th quarter valued at $46,160,000. Finally, Cormorant Asset Management LP lifted its stake in shares of Zymeworks by 66.7% in the 1st quarter. Cormorant Asset Management LP now owns 2,000,000 shares of the company's stock valued at $63,160,000 after purchasing an additional 800,000 shares during the period. 76.06% of the stock is currently owned by institutional investors and hedge funds.
Shares of Zymeworks stock opened at $36.96 on Thursday. The stock has a 50 day moving average price of $34.19. Zymeworks has a 52-week low of $24.82 and a 52-week high of $59.03. The stock has a market cap of $1.71 billion, a P/E ratio of -9.70 and a beta of 0.99.
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 novel bispecific antibody that is in Phase 1 and Phase 2 clinical trials for the treatment of biliary tract, gastroesophageal adenocarcinomas, and breast cancer; and ZW49, a biparatopic anti- human epidermal growth factor receptor 2 (HER2) antibody-drug conjugate that is in Phase 1 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.
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