Zymeworks (NASDAQ:ZYME) Shares Gap Down - Here's What Happened

Key Points

• Zymeworks Inc. shares gapped down from a closing price of $14.81 to an opening price of $13.91, with the last traded price at $14.62.
• Analysts at Wall Street Zen upgraded Zymeworks from a "hold" to a "buy" rating, reflecting a positive outlook despite the recent drop in share price.
• The company's recent earnings report showed a profit of $0.03 per share, significantly exceeding analyst expectations of a loss, with quarterly revenue reaching $48.73 million.

Zymeworks Inc. (NASDAQ:ZYME - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $14.81, but opened at $13.91. Zymeworks shares last traded at $14.62, with a volume of 87,470 shares.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Zymeworks from a "hold" rating to a "buy" rating in a research note on Sunday, August 17th.

Zymeworks Stock Performance

The stock has a market cap of $1.13 billion, a P/E ratio of -15.52 and a beta of 1.27.

Zymeworks (NASDAQ:ZYME - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.55. The business had revenue of $48.73 million for the quarter, compared to analyst estimates of $13.66 million. Zymeworks had a negative return on equity of 21.59% and a negative net margin of 59.96%.

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 novel bispecific antibody that is in Phase 1 and Phase 2 clinical trials for the treatment of biliary tract, gastroesophageal adenocarcinomas, and breast cancer; and ZW49, a biparatopic anti- human epidermal growth factor receptor 2 (HER2) antibody-drug conjugate that is in Phase 1 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.