Zymeworks (NYSE:ZYME) Shares Gap Up - Here's Why

Key Points

• Zymeworks Inc. (NYSE:ZYME) experienced a significant share price increase, opening at $18.96, up from a previous close of $18.11.
• Analysts have a positive outlook for Zymeworks, with several raising their price targets, including Citigroup at $22.00 and B. Riley at $30.00, indicating a consensus price target of $24.13.
• The company reported a surprising profit of $0.03 EPS in its most recent quarter, exceeding estimates significantly, with year-over-year revenue growth of 153.2%.

Zymeworks Inc. (NYSE:ZYME - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $18.11, but opened at $18.96. Zymeworks shares last traded at $18.57, with a volume of 340,896 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Citigroup boosted their price objective on shares of Zymeworks from $19.00 to $22.00 and gave the company a "buy" rating in a research report on Monday, August 11th. HC Wainwright set a $26.00 price objective on shares of Zymeworks and gave the company a "buy" rating in a research report on Tuesday. Finally, B. Riley assumed coverage on shares of Zymeworks in a research report on Friday. They issued a "buy" rating and a $30.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $24.13.

Zymeworks Trading Down 0.1%

The stock has a market cap of $1.36 billion, a PE ratio of -12.07 and a beta of 1.51. The firm's 50-day moving average price is $15.27 and its two-hundred day moving average price is $13.31.

Zymeworks (NYSE:ZYME - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.52) by $0.55. The firm had revenue of $48.73 million during the quarter, compared to analyst estimates of $17.18 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. Zymeworks's revenue was up 153.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.49) EPS. On average, analysts anticipate that Zymeworks Inc. will post -1.39 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Zymeworks by 184.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,879,945 shares of the company's stock valued at $46,210,000 after purchasing an additional 2,514,834 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Zymeworks by 12.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 11,567 shares of the company's stock valued at $138,000 after purchasing an additional 1,300 shares in the last quarter. Nuveen LLC acquired a new position in Zymeworks during the 1st quarter valued at approximately $2,368,000. EcoR1 Capital LLC increased its stake in Zymeworks by 14.8% during the 1st quarter. EcoR1 Capital LLC now owns 17,259,548 shares of the company's stock valued at $205,561,000 after purchasing an additional 2,231,469 shares in the last quarter. Finally, Vestal Point Capital LP increased its stake in Zymeworks by 170.3% during the 1st quarter. Vestal Point Capital LP now owns 500,000 shares of the company's stock valued at $5,955,000 after purchasing an additional 315,000 shares in the last quarter. Institutional investors and hedge funds own 92.89% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.