Zymeworks Inc. (NYSE:ZYME) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Zymeworks Inc. has received an average recommendation of "Moderate Buy" from ten brokerages, with two analysts recommending a hold, seven a buy, and one a strong buy.
• The company reported a 153.2% increase in revenue year-over-year, achieving $48.73 million for the last quarter, surpassing analysts' expectations of $17.18 million.
• Shares of Zymeworks opened at $16.60, with a market capitalization of $1.25 billion and a 12-month price range between $9.03 and $17.70.

Shares of Zymeworks Inc. (NYSE:ZYME - Get Free Report) have received an average recommendation of "Moderate Buy" from the ten brokerages that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $21.4286.

ZYME has been the topic of several research analyst reports. Citigroup lifted their price target on Zymeworks from $19.00 to $22.00 and gave the company a "buy" rating in a research report on Monday, August 11th. HC Wainwright reiterated a "neutral" rating and set a $13.00 price target on shares of Zymeworks in a research report on Thursday, July 3rd.

Zymeworks Trading Up 2.7%

Shares of NYSE ZYME opened at $16.60 on Monday. Zymeworks has a 12-month low of $9.03 and a 12-month high of $17.70. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -11.07 and a beta of 1.27. The stock's 50 day simple moving average is $14.46 and its 200 day simple moving average is $12.97.

Zymeworks (NYSE:ZYME - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.52) by $0.55. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%.The firm had revenue of $48.73 million for the quarter, compared to analysts' expectations of $17.18 million. During the same period last year, the firm earned ($0.49) EPS. The firm's revenue was up 153.2% compared to the same quarter last year. As a group, equities analysts forecast that Zymeworks will post -1.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Zymeworks

Hedge funds have recently modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Zymeworks by 184.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,879,945 shares of the company's stock valued at $46,210,000 after purchasing an additional 2,514,834 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of Zymeworks by 12.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 11,567 shares of the company's stock worth $138,000 after acquiring an additional 1,300 shares in the last quarter. Nuveen LLC bought a new stake in shares of Zymeworks during the 1st quarter worth $2,368,000. Nuveen Asset Management LLC boosted its stake in shares of Zymeworks by 0.4% during the 4th quarter. Nuveen Asset Management LLC now owns 207,023 shares of the company's stock worth $3,031,000 after acquiring an additional 886 shares in the last quarter. Finally, EcoR1 Capital LLC boosted its stake in shares of Zymeworks by 14.8% during the 1st quarter. EcoR1 Capital LLC now owns 17,259,548 shares of the company's stock worth $205,561,000 after acquiring an additional 2,231,469 shares in the last quarter. 92.89% of the stock is currently owned by institutional investors and hedge funds.

About Zymeworks

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 human epidermal growth factor receptor 2 (HER2) that is in Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.

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