Zymeworks (NYSE:ZYME) Reaches New 52-Week High Following Analyst Upgrade

Shares of Zymeworks Inc. (NYSE:ZYME) reached a new 52-week high during mid-day trading on Monday after Citigroup raised their price target on the stock from $16.00 to $18.00. Citigroup currently has a buy rating on the stock. Zymeworks traded as high as $14.20 and last traded at $13.98, with a volume of 146127 shares. The stock had previously closed at $13.28.

ZYME has been the subject of a number of other research reports. Stifel Nicolaus boosted their price objective on Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Wells Fargo & Company downgraded Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 target price for the company. in a report on Friday. Finally, HC Wainwright reissued a “neutral” rating and set a $12.00 price target on shares of Zymeworks in a research report on Friday.

Institutional Investors Weigh In On Zymeworks

A number of hedge funds and other institutional investors have recently bought and sold shares of ZYME. Susquehanna Fundamental Investments LLC bought a new position in Zymeworks during the first quarter worth about $579,000. O Shaughnessy Asset Management LLC grew its position in shares of Zymeworks by 51.5% in the first quarter. O Shaughnessy Asset Management LLC now owns 255,497 shares of the company’s stock valued at $2,688,000 after purchasing an additional 86,797 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Zymeworks in the second quarter worth $1,683,000. Rubric Capital Management LP increased its holdings in Zymeworks by 12.7% in the 2nd quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company’s stock valued at $33,336,000 after buying an additional 441,947 shares during the period. Finally, Squarepoint Ops LLC grew its holdings in shares of Zymeworks by 401.9% during the 2nd quarter. Squarepoint Ops LLC now owns 73,324 shares of the company’s stock valued at $624,000 after purchasing an additional 58,716 shares during the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

Zymeworks Trading Up 11.1 %

The firm’s 50-day moving average is $12.59 and its 200 day moving average is $10.48. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -9.82 and a beta of 1.16.

Zymeworks (NYSE:ZYME) last posted its earnings results on Thursday, October 31st. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.01. The business had revenue of $16.00 million for the quarter, compared to the consensus estimate of $17.90 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 22.09%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same period last year, the company earned ($0.41) EPS. Analysts predict that Zymeworks Inc. will post -0.92 EPS for the current year.

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.