Zymeworks (NASDAQ:ZYME) Stock Price Up 4.4% - Should You Buy?

Key Points

• Zymeworks shares rose 4.4% to $26.78 during Wednesday trading, although volume was 74% below the stock’s average daily level.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $40.64; 11 analysts rate the stock a Buy, compared with one Hold and one Sell.
• The company reported weaker-than-expected quarterly results, including a $0.62 per-share loss and $3.23 million in revenue, down 90.6% year over year. Institutional investors own 92.89% of the outstanding shares.

Zymeworks Inc. (NASDAQ:ZYME - Get Free Report) was up 4.4% during mid-day trading on Wednesday. The stock traded as high as $26.85 and last traded at $26.78. 184,171 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 698,448 shares. The stock had previously closed at $25.65.

Analyst Ratings Changes

ZYME has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft set a $32.00 price objective on shares of Zymeworks in a report on Wednesday, August 26th. Truist Financial set a $34.00 target price on Zymeworks in a research report on Wednesday. HC Wainwright raised their price target on Zymeworks from $51.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, August 26th. Citizens Jmp reiterated a "market outperform" rating and issued a $32.00 price target on shares of Zymeworks in a research report on Wednesday, August 26th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Zymeworks in a report on Friday, July 17th. Eleven 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.64.

Zymeworks Price Performance

The stock has a market cap of $1.90 billion, a P/E ratio of -13.29 and a beta of 1.17. The firm's fifty day moving average price is $26.42 and its two-hundred day moving average price is $25.56.

Zymeworks (NASDAQ:ZYME - Get Free Report) last posted its earnings results on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.06). The business had revenue of $3.23 million for the quarter, compared to analysts' expectations of $4.54 million. Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.Zymeworks's quarterly revenue was down 90.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 earnings per share. On average, research analysts expect that Zymeworks Inc. will post 1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Zymeworks

A number of hedge funds and other institutional investors have recently bought and sold shares of ZYME. Rubric Capital Management LP lifted its holdings in shares of Zymeworks by 21.7% during the 1st quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company's stock worth $175,280,000 after acquiring an additional 1,250,000 shares during the last quarter. BlackRock Inc. bought a new position in Zymeworks in the second quarter valued at $111,122,000. Perceptive Advisors LLC increased its stake in Zymeworks by 7.6% in the first quarter. Perceptive Advisors LLC now owns 3,510,078 shares of the company's stock valued at $87,892,000 after acquiring an additional 248,228 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Zymeworks by 72.0% during the second quarter. Assenagon Asset Management S.A. now owns 1,252,027 shares of the company's stock valued at $32,728,000 after purchasing an additional 524,041 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Zymeworks by 6.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 743,898 shares of the company's stock valued at $18,627,000 after purchasing an additional 43,896 shares in the last quarter. Hedge funds and other institutional investors own 92.89% of the company's stock.

Zymeworks Company Profile

Zymeworks Inc NASDAQ: ZYME is a biopharmaceutical company focused on discovering, developing and commercializing engineered antibody-based therapeutics for cancer and other serious diseases. The company's technologies are designed to create bispecific and multispecific antibodies, as well as antibody-drug conjugates that can target tumor cells and deliver therapeutic payloads.

Zymeworks' leading product is zanidatamab, marketed in the United States as Ziihera. The bispecific antibody targets two separate sites on the HER2 protein and received U.S.

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