Zymeworks (NYSE:ZYME) Sets New 52-Week High – Time to Buy?

Shares of Zymeworks Inc. (NYSE:ZYME) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $26.21 and last traded at $26.18, with a volume of 1637555 shares trading hands. The stock had previously closed at $24.99.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Zymeworks from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. HC Wainwright upped their price objective on Zymeworks from $26.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, November 18th. Citigroup raised their price objective on shares of Zymeworks from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. Wells Fargo & Company boosted their target price on shares of Zymeworks from $17.00 to $25.00 and gave the company a “cautious” rating in a research note on Wednesday, November 19th. Finally, B. Riley reissued a “buy” rating and set a $40.00 price target (up from $30.00) on shares of Zymeworks in a report on Friday, November 21st. Eight research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.13.

Zymeworks Stock Performance

The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of -18.22 and a beta of 1.48. The company has a 50 day moving average price of $18.81 and a two-hundred day moving average price of $15.19.

Zymeworks (NYSE:ZYME) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.02. The company had revenue of $27.61 million during the quarter, compared to analyst estimates of $33.69 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The firm’s revenue was up 72.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.39) EPS. On average, equities analysts expect that Zymeworks Inc. will post -1.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ZYME. CWM LLC increased its stake in Zymeworks by 1,091.2% during the 1st quarter. CWM LLC now owns 2,299 shares of the company’s stock worth $27,000 after buying an additional 2,106 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Zymeworks by 25.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,531 shares of the company’s stock worth $292,000 after acquiring an additional 4,920 shares during the last quarter. Picton Mahoney Asset Management boosted its stake in shares of Zymeworks by 0.7% in the first quarter. Picton Mahoney Asset Management now owns 208,029 shares of the company’s stock worth $2,477,000 after acquiring an additional 1,460 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Zymeworks by 1.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 133,639 shares of the company’s stock worth $1,592,000 after purchasing an additional 2,333 shares in the last quarter. Finally, Deutsche Bank AG raised its stake in Zymeworks by 0.4% in the 1st quarter. Deutsche Bank AG now owns 1,552,612 shares of the company’s stock valued at $18,492,000 after purchasing an additional 5,840 shares during the last quarter. 92.89% of the stock is 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.