Zymeworks (NYSE:ZYME) Downgraded to Equal Weight Rating by Wells Fargo & Company

Wells Fargo & Company cut shares of Zymeworks (NYSE:ZYME) from an overweight rating to an equal weight rating in a report released on Friday, MarketBeat reports. They currently have $12.00 price objective on the stock.

Other equities research analysts also recently issued reports about the company. HC Wainwright reiterated a “neutral” rating and issued a $12.00 price objective on shares of Zymeworks in a report on Tuesday, October 22nd. Stifel Nicolaus lifted their price target on shares of Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, October 28th.

Zymeworks Stock Down 3.1 %

Shares of NYSE ZYME traded down $0.42 during trading on Friday, reaching $13.28. The company had a trading volume of 1,211,665 shares, compared to its average volume of 417,993. The business’s 50-day moving average is $12.55 and its 200 day moving average is $10.42. The stock has a market cap of $943.54 million, a PE ratio of -8.85 and a beta of 1.16. Zymeworks has a 12-month low of $6.83 and a 12-month high of $14.05.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 22.09%. The company had revenue of $16.00 million during the quarter, compared to analyst estimates of $17.90 million. During the same period in the previous year, the business earned ($0.41) EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, analysts anticipate that Zymeworks will post -0.92 earnings per share for the current year.

Hedge Funds Weigh In On Zymeworks

Several institutional investors have recently made changes to their positions in the business. Rubric Capital Management LP lifted its position in Zymeworks by 12.7% during the second quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company’s stock valued at $33,336,000 after purchasing an additional 441,947 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Zymeworks by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 2,458,105 shares of the company’s stock valued at $25,859,000 after acquiring an additional 63,393 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Zymeworks by 1.2% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,930,887 shares of the company’s stock valued at $16,431,000 after acquiring an additional 23,173 shares during the period. Perceptive Advisors LLC increased its holdings in Zymeworks by 55.2% in the 2nd quarter. Perceptive Advisors LLC now owns 1,667,711 shares of the company’s stock worth $14,192,000 after acquiring an additional 592,904 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in Zymeworks by 4.1% during the 1st quarter. Acadian Asset Management LLC now owns 1,305,057 shares of the company’s stock worth $13,724,000 after acquiring an additional 51,036 shares during the period. 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.