Zymeworks (NASDAQ:ZYME) Hits New 1-Year High - Time to Buy?

Key Points

• Zymeworks shares reached a new 52-week high of $30.80, with the stock last trading near $30.49 and a market capitalization of approximately $2.14 billion.
• Analyst sentiment is broadly positive: nine analysts rate the stock a Buy, while the average price target is $40.00, with individual targets ranging from $32.00 to $55.00.
• The company’s latest quarterly results fell short of expectations, including a $0.62 per-share loss and $3.23 million in revenue, down 90.6% year over year. Zymeworks also authorized a $125 million share-buyback program covering up to 7% of outstanding shares.

Zymeworks Inc. (NASDAQ:ZYME - Get Free Report) shares hit a new 52-week high on Wednesday . The stock traded as high as $30.80 and last traded at $30.4940, with a volume of 49163 shares changing hands. The stock had previously closed at $29.67.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. B. Riley Financial reissued 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. Stifel Nicolaus set a $46.00 target price on shares of Zymeworks in a report on Friday, August 7th. HC Wainwright increased their target price 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. Truist Financial raised their price target on shares of Zymeworks from $31.00 to $32.00 and gave the company a "buy" rating in a report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft set a $32.00 price target on shares of Zymeworks in a research report on Wednesday, August 26th. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $40.00.

Zymeworks Stock Performance

The stock has a market cap of $2.14 billion, a PE ratio of -14.95 and a beta of 1.15. The company's 50-day moving average price is $25.19 and its two-hundred day moving average price is $24.95.

Zymeworks (NASDAQ:ZYME - Get Free Report) last released its 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 net margin of 405.31% and a negative return on equity of 72.30%. The firm had revenue of $3.23 million during the quarter, compared to the consensus estimate of $4.54 million. During the same period in the prior year, the company earned $0.03 EPS. The firm's revenue was down 90.6% compared to the same quarter last year. Equities research analysts forecast that Zymeworks Inc. will post 1.37 earnings per share for the current fiscal year.

Zymeworks announced that its board has authorized a share buyback program on Thursday, May 14th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the company to buy up to 7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Nykredit A S purchased a new position in Zymeworks in the 2nd quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Zymeworks in the fourth quarter worth approximately $37,000. State of Wyoming purchased a new position in shares of Zymeworks in the second quarter worth $73,000. Quarry LP purchased a new position in shares of Zymeworks in the third quarter worth $50,000. Finally, Tower Research Capital LLC TRC raised its holdings in 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 buying an additional 1,131 shares during the last quarter. 92.89% of the stock is currently owned by institutional investors.

About Zymeworks

Zymeworks Inc is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics. The company specializes in engineered antibody and protein therapeutics designed to address a range of unmet medical needs in oncology and other serious diseases. Through its proprietary platforms, Zymeworks aims to create novel bispecific and multispecific molecules that can simultaneously engage multiple targets and recruit immune effector functions to enhance potency and specificity.

At the core of Zymeworks' innovation is its Azymetric™ bispecific antibody platform, which enables the design of asymmetrical bispecific antibodies with controlled assembly and high stability.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source