Wells Fargo & Company Forecasts Strong Price Appreciation for Zymeworks (NASDAQ:ZYME) Stock

Key Points

• Wells Fargo raised its price target on Zymeworks to $34 and kept an "overweight" rating, implying roughly a 33% upside; analysts' consensus target is $38 and the average rating is "Moderate Buy."
• Zymeworks reported a weak quarter, missing estimates with EPS of ($0.59) vs. ($0.10) expected and revenue of $2.41M versus $24.38M expected, a 91.1% year-over-year revenue decline.
• Institutional ownership is very high at 92.89%, with major recent stake increases from Rubric Capital and Perceptive Advisors.

Zymeworks (NASDAQ:ZYME - Get Free Report) had its price target lifted by analysts at Wells Fargo & Company from $33.00 to $34.00 in a report released on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's target price would suggest a potential upside of 33.29% from the stock's current price.

Several other brokerages also recently weighed in on ZYME. Leerink Partners lifted their price objective on shares of Zymeworks from $52.00 to $58.00 and gave the company an "outperform" rating in a research report on Tuesday, March 3rd. Truist Financial upgraded shares of Zymeworks to a "strong-buy" rating in a research report on Monday, April 27th. Stifel Nicolaus boosted their price target on shares of Zymeworks from $40.00 to $47.00 and gave the stock a "buy" rating in a research report on Tuesday, March 3rd. Weiss Ratings restated a "sell (d-)" rating on shares of Zymeworks in a research report on Monday, April 20th. Finally, HC Wainwright boosted their price target on shares of Zymeworks from $32.00 to $46.00 and gave the stock a "buy" rating in a research report on Friday, March 6th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $38.00.

Zymeworks Stock Down 4.1%

Shares of NASDAQ:ZYME opened at $25.51 on Friday. The company has a market cap of $1.88 billion, a PE ratio of -23.57 and a beta of 1.20. The company's 50-day moving average price is $25.62 and its 200 day moving average price is $24.06. Zymeworks has a fifty-two week low of $10.93 and a fifty-two week high of $29.75.

Zymeworks (NASDAQ:ZYME - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.49). The firm had revenue of $2.41 million during the quarter, compared to the consensus estimate of $24.38 million. Zymeworks had a negative net margin of 76.56% and a negative return on equity of 26.00%. The company's revenue for the quarter was down 91.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.30) earnings per share. As a group, equities analysts anticipate that Zymeworks will post 0.97 EPS for the current year.

Institutional Trading of Zymeworks

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Rubric Capital Management LP raised its holdings in shares of Zymeworks by 22.1% in the 4th quarter. Rubric Capital Management LP now owns 5,750,000 shares of the company's stock worth $151,398,000 after purchasing an additional 1,039,449 shares in the last quarter. Perceptive Advisors LLC raised its holdings in shares of Zymeworks by 56.0% in the 4th quarter. Perceptive Advisors LLC now owns 3,261,850 shares of the company's stock worth $85,885,000 after purchasing an additional 1,171,187 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Zymeworks by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 2,328,727 shares of the company's stock worth $61,315,000 after purchasing an additional 174,293 shares in the last quarter. Vestal Point Capital LP raised its holdings in shares of Zymeworks by 53.5% in the 3rd quarter. Vestal Point Capital LP now owns 1,765,000 shares of the company's stock worth $30,146,000 after purchasing an additional 615,000 shares in the last quarter. Finally, Siren L.L.C. bought a new stake in shares of Zymeworks in the 4th quarter worth approximately $44,238,000. 92.89% of the stock is currently owned by institutional investors.

Zymeworks Company Profile

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.

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