Zymeworks (NYSE:ZYME) Price Target Cut to $12.00 by Analysts at Wells Fargo & Company

Zymeworks (NYSE:ZYME) had its target price cut by Wells Fargo & Company from $14.00 to $12.00 in a report released on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

Zymeworks Stock Performance

ZYME stock traded up $0.20 during midday trading on Friday, hitting $9.20. 655,723 shares of the company’s stock were exchanged, compared to its average volume of 630,814. Zymeworks has a one year low of $6.01 and a one year high of $13.14. The stock’s fifty day moving average price is $10.12 and its 200-day moving average price is $9.70.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings results on Wednesday, March 6th. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.19. Zymeworks had a negative net margin of 249.63% and a negative return on equity of 28.24%. The firm had revenue of $16.93 million for the quarter, compared to analyst estimates of $18.32 million. As a group, research analysts forecast that Zymeworks will post -1.04 earnings per share for the current year.

Institutional Trading of Zymeworks

A number of institutional investors have recently bought and sold shares of the business. Rubric Capital Management LP increased its stake in shares of Zymeworks by 31.1% in the 4th quarter. Rubric Capital Management LP now owns 3,475,384 shares of the company’s stock valued at $36,109,000 after purchasing an additional 823,990 shares during the last quarter. Acadian Asset Management LLC raised its stake in Zymeworks by 742.4% during the third quarter. Acadian Asset Management LLC now owns 825,988 shares of the company’s stock worth $5,233,000 after acquiring an additional 727,934 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Zymeworks by 70.3% in the third quarter. AQR Capital Management LLC now owns 799,679 shares of the company’s stock worth $5,070,000 after acquiring an additional 330,213 shares during the last quarter. Jupiter Asset Management Ltd. boosted its stake in shares of Zymeworks by 913.0% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 474,724 shares of the company’s stock valued at $3,010,000 after purchasing an additional 427,860 shares in the last quarter. Finally, Monaco Asset Management SAM grew its holdings in shares of Zymeworks by 1.6% during the 3rd quarter. Monaco Asset Management SAM now owns 416,275 shares of the company’s stock valued at $2,639,000 after purchasing an additional 6,755 shares during the last quarter. 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.