Zymeworks (NYSE:ZYME) Announces Earnings Results, Beats Expectations 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) released its earnings results on Thursday. The company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.52) by $0.55, Briefing.com reports. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The company had revenue of $48.73 million for the quarter, compared to analyst estimates of $17.18 million. During the same quarter last year, the firm earned ($0.49) EPS. The firm's quarterly revenue was up 153.2% compared to the same quarter last year.

Zymeworks Trading Down 2.0%

Shares of NYSE ZYME opened at $12.16 on Friday. The company's 50-day moving average price is $12.91 and its 200 day moving average price is $12.71. Zymeworks has a 52 week low of $9.03 and a 52 week high of $17.70. The stock has a market cap of $847.35 million, a price-to-earnings ratio of -8.11 and a beta of 1.26.

Insider Buying and Selling at Zymeworks

In other news, Director Ecor1 Capital, Llc bought 49,502 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were purchased at an average price of $11.43 per share, for a total transaction 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.92% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Zymeworks

Institutional investors and hedge funds have recently modified their holdings of the stock. Jane Street Group LLC grew its position in Zymeworks by 487.0% in the 1st quarter. Jane Street Group LLC now owns 135,763 shares of the company's stock valued at $1,617,000 after buying an additional 112,636 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Zymeworks by 86.0% during the 1st quarter. AQR Capital Management LLC now owns 48,485 shares of the company's stock worth $577,000 after buying an additional 22,411 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Zymeworks by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company's stock worth $386,000 after acquiring an additional 1,427 shares during the period. Hedge funds and other institutional investors own 92.89% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. TD Securities initiated coverage on Zymeworks in a research note on Tuesday, May 20th. They issued a "buy" rating for the company. TD Cowen started coverage on shares of Zymeworks in a report on Tuesday, May 20th. They set a "buy" rating for the company. Finally, HC Wainwright reiterated a "neutral" rating and set a $13.00 target price on shares of Zymeworks in a research note on Thursday, July 3rd. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $21.00.

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.

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