Brokerages Set Zymeworks Inc. (NYSE:ZYME) Price Target at $21.00

Shares of Zymeworks Inc. (NYSE:ZYME - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the eight brokerages that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $21.00.

A number of equities research analysts have issued reports on the stock. Citigroup increased their price objective on shares of Zymeworks from $18.00 to $19.00 and gave the stock a "buy" rating in a research note on Friday, March 7th. Wells Fargo & Company lifted their price objective on shares of Zymeworks from $12.00 to $14.00 and gave the company an "equal weight" rating in a research note on Thursday, December 19th. HC Wainwright upped their target price on Zymeworks from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Monday, March 10th. Lifesci Capital initiated coverage on Zymeworks in a report on Tuesday, March 11th. They issued an "outperform" rating and a $30.00 target price on the stock. Finally, JPMorgan Chase & Co. raised Zymeworks from a "neutral" rating to an "overweight" rating and set a $18.00 price target for the company in a report on Monday, December 16th.

Zymeworks Stock Up 12.6 %

Shares of ZYME traded up $1.19 during trading hours on Monday, hitting $10.63. 1,129,355 shares of the company were exchanged, compared to its average volume of 621,132. Zymeworks has a fifty-two week low of $7.97 and a fifty-two week high of $17.70. The company has a market cap of $739.60 million, a price-to-earnings ratio of -7.09 and a beta of 1.18. The firm's fifty day moving average is $12.68 and its 200 day moving average is $13.57.

Insider Activity

In other news, Director Ecor1 Capital, Llc bought 74,125 shares of the stock in a transaction on Monday, January 13th. The stock was acquired at an average price of $13.39 per share, with a total value of $992,533.75. Following the acquisition, the director now directly owns 15,485,203 shares in the company, valued at approximately $207,346,868.17. This trade represents a 0.48 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders bought 1,409,296 shares of company stock worth $17,125,418. Insiders own 1.92% of the company's stock.

Institutional Trading of Zymeworks

Hedge funds have recently made changes to their positions in the company. Sterling Capital Management LLC raised its holdings in Zymeworks by 781.5% in the 4th quarter. Sterling Capital Management LLC now owns 1,719 shares of the company's stock valued at $25,000 after buying an additional 1,524 shares during the last quarter. AlphaQuest LLC raised its stake in shares of Zymeworks by 480.2% during the fourth quarter. AlphaQuest LLC now owns 2,808 shares of the company's stock valued at $41,000 after acquiring an additional 2,324 shares during the last quarter. FMR LLC lifted its holdings in shares of Zymeworks by 84.2% during the third quarter. FMR LLC now owns 3,336 shares of the company's stock worth $42,000 after purchasing an additional 1,525 shares during the period. GAMMA Investing LLC grew its stake in shares of Zymeworks by 1,113.3% in the first quarter. GAMMA Investing LLC now owns 6,467 shares of the company's stock worth $77,000 after purchasing an additional 5,934 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in shares of Zymeworks in the fourth quarter worth $108,000. 92.89% of the stock is owned by institutional investors and hedge funds.

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.