Zymeworks Inc. (NYSE:ZYME) Receives Consensus Rating of "Buy" from Brokerages

Key Points

• Zymeworks Inc. has received a consensus rating of “Buy” from eleven analysts, with one holding the stock and nine assigning a buy rating. The average target price is currently set at $24.75.
• Recent analyst upgrades include JPMorgan Chase raising their price target from $20.00 to $23.00 and B. Riley initiating coverage with a new buy rating and a target of $30.00.
• The company reported a 153.2% increase in quarterly revenue year-over-year, posting $48.73 million compared to expectations of $17.18 million, along with an EPS of $0.03 that beat the consensus estimate by $0.55.

Zymeworks Inc. (NYSE:ZYME - Get Free Report) has been assigned a consensus rating of "Buy" from the eleven analysts that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $24.75.

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Zymeworks from $20.00 to $23.00 and gave the company an "overweight" rating in a research report on Thursday, October 16th. B. Riley began coverage on Zymeworks in a research note on Friday, October 10th. They issued a "buy" rating and a $30.00 price target on the stock. Citigroup upped their price objective on Zymeworks from $19.00 to $22.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Finally, HC Wainwright set a $26.00 target price on Zymeworks and gave the stock a "buy" rating in a research report on Tuesday, October 14th.

Zymeworks Stock Performance

Shares of NYSE ZYME opened at $17.41 on Friday. The stock has a 50 day moving average price of $16.11 and a 200 day moving average price of $13.66. Zymeworks has a 52 week low of $9.03 and a 52 week high of $19.50. The stock has a market capitalization of $1.31 billion, a PE ratio of -11.61 and a beta of 1.51.

Zymeworks (NYSE:ZYME - Get Free Report) last issued its quarterly 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 during the quarter, compared to analysts' expectations of $17.18 million. During the same period in the prior year, the firm posted ($0.49) earnings per share. The business's quarterly revenue was up 153.2% compared to the same quarter last year. As a group, research analysts forecast that Zymeworks will post -1.39 EPS for the current year.

Institutional Investors Weigh In On Zymeworks

Several hedge funds and other institutional investors have recently made changes to their positions in ZYME. CWM LLC raised its position in Zymeworks by 1,091.2% in the 1st quarter. CWM LLC now owns 2,299 shares of the company's stock valued at $27,000 after buying an additional 2,106 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in Zymeworks by 29.6% during the second quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company's stock valued at $62,000 after purchasing an additional 1,131 shares during the period. Northwest & Ethical Investments L.P. grew its stake in shares of Zymeworks by 83.3% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 10,030 shares of the company's stock worth $119,000 after acquiring an additional 4,559 shares during the period. BNP Paribas Financial Markets grew its position in shares of Zymeworks by 157.7% in the second quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company's stock valued at $129,000 after purchasing an additional 6,307 shares in the last quarter. Finally, Brevan Howard Capital Management LP bought a new stake in shares of Zymeworks during the second quarter valued at about $133,000. 92.89% of the stock is owned by institutional investors.

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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