Zymeworks (NYSE:ZYME) Now Covered by Analysts at Wells Fargo & Company

Key Points

• Zymeworks received an "Equal Weight" rating from Wells Fargo, with a new price target of $15, indicating a potential downside of 13.84% from its last close.
• Multiple analysts have issued positive ratings for Zymeworks, with Citigroup raising its target to $22 and B. Riley setting a target of $30, contributing to a consensus rating of "Buy" and an average target price of $24.88.
• The company reported a significant revenue increase of 153.2% year-over-year, with earnings of $0.03 per share, surpassing analysts' expectations of a loss.

Equities research analysts at Wells Fargo & Company assumed coverage on shares of Zymeworks (NYSE:ZYME - Get Free Report) in a research note issued to investors on Friday, MarketBeat Ratings reports. The brokerage set an "equal weight" rating and a $15.00 price target on the stock. Wells Fargo & Company's target price would suggest a potential downside of 16.49% from the company's current price.

A number of other equities analysts have also issued reports on ZYME. B. Riley started coverage on Zymeworks in a report on Friday, October 10th. They set a "buy" rating and a $30.00 price target on the stock. Citigroup lifted their price objective on Zymeworks from $19.00 to $22.00 and gave the company a "buy" rating in a report on Monday, August 11th. HC Wainwright set a $26.00 price objective on Zymeworks and gave the company a "buy" rating in a report on Tuesday, October 14th. Finally, JPMorgan Chase & Co. lifted their price objective on Zymeworks from $20.00 to $23.00 and gave the company an "overweight" rating in a report on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $24.88.

Zymeworks Stock Performance

Shares of ZYME stock traded up $0.55 during mid-day trading on Friday, hitting $17.96. 246,334 shares of the stock were exchanged, compared to its average volume of 546,126. Zymeworks has a 12-month low of $9.03 and a 12-month high of $19.50. The stock's fifty day simple moving average is $16.11 and its two-hundred day simple moving average is $13.66. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of -11.97 and a beta of 1.51.

Zymeworks (NYSE:ZYME - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $17.18 million. During the same quarter last year, the company posted ($0.49) earnings per share. The business's revenue was up 153.2% on a year-over-year basis. On average, research analysts expect that Zymeworks will post -1.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Zymeworks

Institutional investors have recently modified their holdings of the company. CWM LLC boosted its stake in shares of Zymeworks by 1,091.2% during the 1st quarter. CWM LLC now owns 2,299 shares of the company's stock worth $27,000 after acquiring an additional 2,106 shares in the last quarter. 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 worth $62,000 after acquiring an additional 1,131 shares in the last quarter. Northwest & Ethical Investments L.P. boosted 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 in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Zymeworks by 157.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company's stock worth $129,000 after acquiring an additional 6,307 shares in the last quarter. Finally, Brevan Howard Capital Management LP purchased a new stake in shares of Zymeworks during the 2nd quarter worth approximately $133,000. Hedge funds and other institutional investors own 92.89% of the company's stock.

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.