Zymeworks Inc. (NASDAQ:ZYME) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Zymeworks has a “Moderate Buy” consensus rating from 11 analysts, including eight buys and one strong buy. The average 12-month price target is $37.33, well above the stock’s recent opening price of $21.94.
• Several firms recently maintained or raised their outlooks, including HC Wainwright’s $46 target, Wells Fargo’s increase to $37, and Truist Financial’s increase to $31; Weiss Ratings, however, reiterated a sell rating.
• Institutional investors own 92.89% of Zymeworks, while the company has authorized a $125 million share repurchase program covering up to 7% of its outstanding shares.

Zymeworks Inc. (NASDAQ:ZYME - Get Free Report) has been given a consensus rating of "Moderate Buy" by the eleven brokerages that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $37.3333.

Several research firms have commented on ZYME. Weiss Ratings reissued a "sell (d-)" rating on shares of Zymeworks in a research report on Friday, July 17th. HC Wainwright reaffirmed a "buy" rating and set a $46.00 price target on shares of Zymeworks in a research report on Wednesday, June 3rd. Citigroup reaffirmed a "buy" rating on shares of Zymeworks in a research report on Tuesday, June 30th. Wells Fargo & Company boosted their price objective on Zymeworks from $34.00 to $37.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 30th. Finally, Truist Financial upped their price objective on Zymeworks from $28.00 to $31.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th.

Institutional Trading of Zymeworks

Large investors have recently added to or reduced their stakes in the stock. Kornitzer Capital Management Inc. KS purchased a new position in Zymeworks in the fourth quarter valued at about $2,338,000. Rubric Capital Management LP increased its stake 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 purchasing an additional 1,250,000 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Zymeworks by 8.1% during 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 during the last quarter. Pictet Asset Management Holding SA bought a new stake in shares of Zymeworks in the 4th quarter worth approximately $1,966,000. Finally, Capricorn Fund Managers Ltd bought a new stake in shares of Zymeworks in the 4th quarter worth approximately $26,931,000. Hedge funds and other institutional investors own 92.89% of the company's stock.

Zymeworks Price Performance

Shares of ZYME stock opened at $21.94 on Friday. The firm has a 50-day moving average of $24.23 and a 200-day moving average of $24.48. The company has a market cap of $1.60 billion, a P/E ratio of -16.01 and a beta of 1.13. Zymeworks has a one year low of $11.51 and a one year high of $29.75.

Zymeworks (NASDAQ:ZYME - Get Free Report) last released its quarterly earnings results on Tuesday, March 31st. The company reported ($0.59) earnings per share for the quarter. Zymeworks had a negative net margin of 126.92% and a negative return on equity of 37.97%. The firm had revenue of $2.41 million for the quarter. As a group, research analysts expect that Zymeworks will post 1.1 earnings per share for the current fiscal year.

Zymeworks declared that its board has authorized a stock buyback plan on Thursday, May 14th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the company to reacquire up to 7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

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.

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