Zymeworks (NYSE:ZYME) Posts Earnings Results, Beats Estimates By $0.55 EPS

Key Points

• Zymeworks reported earnings of $0.03 EPS, exceeding expectations by $0.55 as consensus estimates had projected a loss of ($0.52).
• The company's revenue for the quarter came in at $48.73 million, significantly higher than the analyst estimates of $17.18 million, representing a 153.2% increase year-over-year.
• Zymeworks has received positive ratings from analysts, with seven analysts issuing a "buy" rating and an average target price of $21.00 for its stock.

Zymeworks (NYSE:ZYME - Get Free Report) posted its earnings results on Thursday. The company reported $0.03 EPS for the quarter, beating analysts' consensus estimates of ($0.52) by $0.55, Briefing.com reports. 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 for the quarter, compared to analysts' expectations of $17.18 million. During the same period last year, the firm earned ($0.49) EPS. The company's quarterly revenue was up 153.2% on a year-over-year basis.

Zymeworks Price Performance

Shares of NYSE ZYME traded up $0.48 during mid-day trading on Tuesday, hitting $12.92. The company's stock had a trading volume of 154,998 shares, compared to its average volume of 534,179. The stock has a market cap of $899.96 million, a price-to-earnings ratio of -8.61 and a beta of 1.26. Zymeworks has a one year low of $9.03 and a one year high of $17.70. The company's fifty day simple moving average is $12.93 and its 200-day simple moving average is $12.65.

Insiders Place Their Bets

In other Zymeworks news, Director Ecor1 Capital, Llc bought 49,502 shares of Zymeworks stock in a transaction dated Thursday, May 15th. The stock was bought at an average price of $11.43 per share, with a total value of $565,807.86. Following the completion of the transaction, the director owned 17,877,989 shares in the company, valued at $204,345,414.27. The trade was a 0.28% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.92% of the stock is owned by insiders.

Hedge Funds Weigh In On Zymeworks

Hedge funds have recently added to or reduced their stakes in the stock. Creative Planning grew its position in shares of Zymeworks by 114.8% during the 2nd quarter. Creative Planning now owns 25,389 shares of the company's stock valued at $319,000 after acquiring an additional 13,567 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Zymeworks by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company's stock worth $386,000 after buying an additional 1,427 shares during the period. AQR Capital Management LLC lifted its position in Zymeworks by 86.0% during the first quarter. AQR Capital Management LLC now owns 48,485 shares of the company's stock valued at $577,000 after purchasing an additional 22,411 shares during the period. Rhumbline Advisers raised its position in shares of Zymeworks by 4.0% during the 2nd quarter. Rhumbline Advisers now owns 86,083 shares of the company's stock worth $1,080,000 after purchasing an additional 3,345 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in Zymeworks by 487.0% during the 1st quarter. Jane Street Group LLC now owns 135,763 shares of the company's stock valued at $1,617,000 after acquiring an additional 112,636 shares in the last quarter. Institutional investors and hedge funds own 92.89% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. TD Cowen started coverage on shares of Zymeworks in a research note on Tuesday, May 20th. They set a "buy" rating for the company. TD Securities began coverage on shares of Zymeworks in a research note on Tuesday, May 20th. They set a "buy" rating for the company. Citigroup lifted their price target on shares of Zymeworks from $19.00 to $22.00 and gave the stock a "buy" rating in a research note on Monday. Finally, HC Wainwright reissued a "neutral" rating and set a $13.00 target price on shares of Zymeworks in a research note on Thursday, July 3rd. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.43.

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.