Zymeworks (NYSE:ZYME) Shares Gap Down - Time to Sell?

Key Points

• Zymeworks Inc. experienced a significant **stock price drop**, opening at $13.91 after closing at $14.81, with last trades at $14.64 and a volume of 88,616 shares.
• Analysts show mixed sentiments, with HC Wainwright issuing a **neutral rating** at a $13.00 price target while Citigroup set a higher target of **$22.00** along with a "buy" rating, resulting in an overall average price target of **$21.43**.
• The company reported **$0.03 earnings per share**, surpassing estimates of ($0.52), alongside impressive revenue growth of **153.2%** year over year, reaching **$48.73 million** for the latest quarter.

Zymeworks Inc. (NYSE:ZYME - Get Free Report)'s share price 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 $14.64, with a volume of 88,616 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. TD Cowen began coverage on shares of Zymeworks in a research report on Tuesday, May 20th. They issued a "buy" rating for the company. TD Securities initiated coverage on shares of Zymeworks in a report on Tuesday, May 20th. They set a "buy" rating on the stock. Citigroup increased their price objective on shares of Zymeworks from $19.00 to $22.00 and gave the company a "buy" rating in a report on Monday, August 11th. Finally, HC Wainwright reiterated a "neutral" rating and issued a $13.00 target price on shares of Zymeworks in a research report on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.43.

Zymeworks Stock Up 6.9%

The business's fifty day simple moving average is $13.63 and its two-hundred day simple moving average is $12.66. The company has a market cap of $1.13 billion, a price-to-earnings ratio of -10.03 and a beta of 1.27.

Zymeworks (NYSE:ZYME - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.55. 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 analysts' expectations of $17.18 million. During the same period in the previous year, the company posted ($0.49) EPS. Zymeworks's revenue was up 153.2% compared to the same quarter last year. Sell-side analysts predict that Zymeworks Inc. will post -1.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ZYME. CWM LLC grew its position in Zymeworks by 1,091.2% in the first quarter. CWM LLC now owns 2,299 shares of the company's stock valued at $27,000 after acquiring an additional 2,106 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Zymeworks by 29.6% during the second quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company's stock valued at $62,000 after purchasing an additional 1,131 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Zymeworks by 1,113.3% during the first quarter. GAMMA Investing LLC now owns 6,467 shares of the company's stock worth $77,000 after acquiring an additional 5,934 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Zymeworks in the fourth quarter worth about $108,000. Finally, Tower Research Capital LLC TRC lifted its holdings in Zymeworks by 343.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,704 shares of the company's stock worth $142,000 after purchasing an additional 7,518 shares during the period. 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.