Zymeworks (NYSE:ZYME) Stock Price Up 5.4% – Here’s What Happened

Zymeworks Inc. (NYSE:ZYME) shot up 5.4% on Thursday . The stock traded as high as $23.98 and last traded at $23.8270. 1,059,781 shares traded hands during trading, an increase of 60% from the average session volume of 663,603 shares. The stock had previously closed at $22.60.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on ZYME shares. Citigroup raised their price target on Zymeworks from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. B. Riley began coverage on shares of Zymeworks in a research report on Friday, October 10th. They issued a “buy” rating and a $30.00 target price on the stock. HC Wainwright boosted their target price on shares of Zymeworks from $26.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday. Stifel Nicolaus increased their price target on shares of Zymeworks from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Leerink Partners set a $37.00 price target on shares of Zymeworks in a report on Monday. Eight analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Zymeworks has an average rating of “Moderate Buy” and a consensus price target of $29.88.

Zymeworks Stock Up 5.4%

The firm’s 50 day simple moving average is $17.87 and its 200-day simple moving average is $14.71. The company has a market capitalization of $1.78 billion, a PE ratio of -15.88 and a beta of 1.48.

Zymeworks (NYSE:ZYME) last posted its earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.02. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The business had revenue of $27.61 million for the quarter, compared to analyst estimates of $33.69 million. During the same quarter in the previous year, the business posted ($0.39) EPS. The business’s quarterly revenue was up 72.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Zymeworks Inc. will post -1.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. EcoR1 Capital LLC increased its position in shares of Zymeworks by 33.1% during the second quarter. EcoR1 Capital LLC now owns 22,970,388 shares of the company’s stock worth $288,278,000 after acquiring an additional 5,710,840 shares during the last quarter. Rubric Capital Management LP raised its position in shares of Zymeworks by 8.6% in the 2nd quarter. Rubric Capital Management LP now owns 4,710,551 shares of the company’s stock valued at $59,117,000 after purchasing an additional 372,107 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of 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 buying an additional 2,514,834 shares during the last quarter. Vestal Point Capital LP boosted its stake in shares of Zymeworks by 53.5% during the 3rd quarter. Vestal Point Capital LP now owns 1,765,000 shares of the company’s stock valued at $30,146,000 after buying an additional 615,000 shares during the last quarter. Finally, Deutsche Bank AG grew its position in shares of Zymeworks by 0.4% during the first quarter. Deutsche Bank AG now owns 1,552,612 shares of the company’s stock worth $18,492,000 after buying an additional 5,840 shares in the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

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.