Analysts Set Zymeworks Inc. (NYSE:ZYME) Price Target at $21.43

Key Points

• Zymeworks Inc. has received an average analyst rating of "Moderate Buy" from ten research firms, with the average one-year price objective set at $21.43.
• The company reported a 153.2% increase in revenues for the recent quarter, posting $48.73 million, significantly surpassing estimates of $17.18 million.
• Several large institutional investors have recently increased their holdings in Zymeworks, with 92.89% of the company's stock now owned by institutional investors.

Zymeworks Inc. (NYSE:ZYME - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the ten analysts that are presently covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $21.4286.

A number of analysts have recently issued reports on the stock. TD Cowen began coverage on shares of Zymeworks in a report on Tuesday, May 20th. They set a "buy" rating for the company. HC Wainwright reiterated a "neutral" rating and issued a $13.00 target price on shares of Zymeworks in a research report on Thursday, July 3rd. TD Securities began coverage on shares of Zymeworks in a research report on Tuesday, May 20th. They issued a "buy" rating on the stock. Finally, Citigroup lifted their target price on shares of Zymeworks from $19.00 to $22.00 and gave the stock a "buy" rating in a research report on Monday, August 11th.

Hedge Funds Weigh In On Zymeworks

A number of large investors have recently added to or reduced their stakes in ZYME. EcoR1 Capital LLC increased its position in shares of Zymeworks by 33.1% in the second quarter. EcoR1 Capital LLC now owns 22,970,388 shares of the company's stock valued at $288,278,000 after acquiring an additional 5,710,840 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Zymeworks by 184.2% in the first 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 acquiring an additional 2,514,834 shares during the period. Vestal Point Capital LP increased its position in shares of Zymeworks by 130.0% in the second quarter. Vestal Point Capital LP now owns 1,150,000 shares of the company's stock valued at $14,432,000 after acquiring an additional 650,000 shares during the period. Adage Capital Partners GP L.L.C. purchased a new position in shares of Zymeworks in the second quarter valued at about $5,974,000. Finally, JPMorgan Chase & Co. increased its position in shares of Zymeworks by 1,050.0% in the second quarter. JPMorgan Chase & Co. now owns 441,690 shares of the company's stock valued at $5,543,000 after acquiring an additional 403,281 shares during the period. Hedge funds and other institutional investors own 92.89% of the company's stock.

Zymeworks Stock Down 1.0%

Shares of NYSE ZYME traded down $0.15 during mid-day trading on Thursday, reaching $14.90. 25,777 shares of the company were exchanged, compared to its average volume of 525,619. Zymeworks has a 52 week low of $9.03 and a 52 week high of $17.70. The stock has a market capitalization of $1.12 billion, a PE ratio of -9.95 and a beta of 1.27. The company's 50 day moving average price is $13.63 and its 200 day moving average price is $12.64.

Zymeworks (NYSE:ZYME - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.52) by $0.55. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The company had revenue of $48.73 million during the quarter, compared to the consensus estimate of $17.18 million. During the same period in the previous year, the firm posted ($0.49) EPS. The firm's revenue was up 153.2% compared to the same quarter last year. On average, sell-side analysts predict that Zymeworks will post -1.39 earnings per share for the current year.

Zymeworks Company Profile

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.