Zymeworks (NYSE:ZYME) Stock Price Up 7.2% - Here's What Happened

Key Points

• Zymeworks Inc. saw its share price increase by 7.2% to $18.15, although trading volume was significantly down, with only 156,701 shares changing hands.
• Research analysts have a consensus rating of "Moderate Buy" for Zymeworks, with estimates for a price target around $22.50, and recent reports indicating potential upward momentum.
• The company reported $0.03 earnings per share for its last quarter, surpassing the consensus estimate of ($0.52), alongside a substantial 153.2% increase in revenue year-over-year.

Zymeworks Inc. (NYSE:ZYME - Get Free Report)'s share price rose 7.2% on Friday . The stock traded as high as $18.35 and last traded at $18.15. Approximately 156,701 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 537,947 shares. The stock had previously closed at $16.92.

Analyst Upgrades and Downgrades

ZYME has been the subject of several research analyst reports. HC Wainwright restated a "neutral" rating and issued a $13.00 price objective on shares of Zymeworks in a report on Thursday, July 3rd. 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 report on Monday, August 11th. Finally, B. Riley began coverage on shares of Zymeworks in a research report on Friday. They issued a "buy" rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $22.50.

Zymeworks Trading Up 5.8%

The stock has a market capitalization of $1.35 billion, a PE ratio of -11.93 and a beta of 1.51. The firm's 50-day simple moving average is $15.05 and its two-hundred day simple moving average is $13.22.

Zymeworks (NYSE:ZYME - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.03 earnings per share for the quarter, topping 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 firm 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. The company's quarterly revenue was up 153.2% compared to the same quarter last year. As a group, research analysts expect that Zymeworks Inc. will post -1.39 earnings per share for the current year.

Hedge Funds Weigh In On Zymeworks

Several institutional investors and hedge funds have recently added to or reduced their stakes in ZYME. EcoR1 Capital LLC grew its position in Zymeworks by 33.1% during the 2nd quarter. EcoR1 Capital LLC now owns 22,970,388 shares of the company's stock worth $288,278,000 after purchasing an additional 5,710,840 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position 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 worth $46,210,000 after purchasing an additional 2,514,834 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Zymeworks by 169.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,326,774 shares of the company's stock valued at $22,661,000 after buying an additional 833,994 shares during the period. Vestal Point Capital LP boosted its stake in shares of Zymeworks by 130.0% during the 2nd quarter. Vestal Point Capital LP now owns 1,150,000 shares of the company's stock valued at $14,432,000 after buying an additional 650,000 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Zymeworks during the 2nd quarter valued at $5,974,000. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

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.

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