Zymeworks (NASDAQ:ZYME) Price Target Raised to $46.00

Key Points

• HC Wainwright raised its price target on Zymeworks to $46.00 (from $32.00) and kept a "buy" rating, implying roughly an 85% upside from the prior close.
• Analysts are broadly positive with a consensus "Moderate Buy" rating and a consensus price target of $37.10 (two Strong Buy, ten Buy, one Hold, one Sell reported).
• Zymeworks posted a weak quarter—EPS of ($0.55) missed consensus ($0.35) and revenue collapsed ~91.9% year-over-year—and insiders have been net sellers (CEO sold 54,343 shares; insiders sold ~187,933 shares in the last 90 days).

Zymeworks (NASDAQ:ZYME - Get Free Report) had its target price hoisted by analysts at HC Wainwright from $32.00 to $46.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's price objective points to a potential upside of 85.48% from the stock's previous close.

Several other equities research analysts have also recently issued reports on ZYME. Wells Fargo & Company raised shares of Zymeworks from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $25.00 to $33.00 in a research report on Friday, December 12th. Citizens Jmp set a $32.00 price target on shares of Zymeworks in a report on Wednesday, December 3rd. B. Riley Financial reiterated a "buy" rating and issued a $40.00 target price (up from $30.00) on shares of Zymeworks in a report on Friday, November 21st. Zacks Research downgraded Zymeworks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, November 26th. Finally, Stifel Nicolaus raised their price objective on Zymeworks from $40.00 to $47.00 and gave the stock a "buy" rating in a report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $37.10.

Zymeworks Trading Down 1.7%

Zymeworks stock opened at $24.80 on Friday. The stock has a market cap of $1.83 billion, a PE ratio of -22.96 and a beta of 1.23. Zymeworks has a 52 week low of $9.03 and a 52 week high of $28.49. The stock has a 50-day moving average price of $23.78 and a 200 day moving average price of $21.01.

Zymeworks (NASDAQ:ZYME - Get Free Report) last announced its quarterly earnings data on Monday, March 2nd. The company reported ($0.55) EPS for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.20). The business had revenue of $2.52 million during the quarter, compared to analysts' expectations of $21.78 million. Zymeworks had a negative net margin of 76.56% and a negative return on equity of 26.00%. Zymeworks's revenue for the quarter was down 91.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.31) EPS.

Insider Buying and Selling

In other Zymeworks news, CEO Kenneth Galbraith sold 54,343 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $25.10, for a total value of $1,364,009.30. Following the completion of the sale, the chief executive officer owned 158,286 shares of the company's stock, valued at $3,972,978.60. This trade represents a 25.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey T. L. Smith sold 10,538 shares of the business's stock in a transaction on Monday, January 5th. The stock was sold at an average price of $25.10, for a total transaction of $264,503.80. Following the transaction, the executive vice president directly owned 18,352 shares in the company, valued at approximately $460,635.20. The trade was a 36.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 187,933 shares of company stock worth $4,673,716. Company insiders own 33.51% of the company's stock.

Hedge Funds Weigh In On Zymeworks

A number of institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Zymeworks during the fourth quarter valued at about $37,000. Optiver Holding B.V. purchased a new position in Zymeworks in the third quarter valued at about $26,000. Quarry LP acquired a new stake in Zymeworks during the 3rd quarter valued at approximately $50,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Zymeworks by 25.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company's stock worth $96,000 after purchasing an additional 731 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Zymeworks by 29.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company's stock valued at $62,000 after buying an additional 1,131 shares during the last quarter. Institutional investors and hedge funds own 92.89% of the company's stock.

Zymeworks Company Profile

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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