Zymeworks Inc. (NASDAQ:ZYME) Receives $36.67 Average Price Target from Brokerages

Zymeworks Inc. (NASDAQ:ZYME) has received an average rating of “Moderate Buy” from the eleven research firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $36.6667.

ZYME has been the subject of several research reports. Stifel Nicolaus upped their price objective on shares of Zymeworks from $40.00 to $47.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Zymeworks in a research note on Monday, April 20th. Truist Financial set a $28.00 price target on shares of Zymeworks and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Wells Fargo & Company raised their price objective on shares of Zymeworks from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Finally, Leerink Partners lifted their price objective on Zymeworks from $52.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, March 3rd.

Institutional Investors Weigh In On Zymeworks

Several hedge funds have recently made changes to their positions in ZYME. Kornitzer Capital Management Inc. KS bought a new position in shares of Zymeworks in the 4th quarter worth about $2,338,000. Vanguard Group Inc. boosted its stake in Zymeworks by 8.1% during the fourth quarter. Vanguard Group Inc. now owns 2,328,727 shares of the company’s stock worth $61,315,000 after acquiring an additional 174,293 shares in the last quarter. Capricorn Fund Managers Ltd bought a new stake in Zymeworks during the fourth quarter worth about $26,931,000. Pictet Asset Management Holding SA purchased a new stake in Zymeworks in the fourth quarter worth about $1,966,000. Finally, UBS Group AG grew its holdings in Zymeworks by 437.9% in the fourth quarter. UBS Group AG now owns 278,854 shares of the company’s stock worth $7,342,000 after purchasing an additional 227,013 shares during the period. 92.89% of the stock is currently owned by institutional investors.

Zymeworks Stock Performance

Shares of ZYME stock opened at $23.14 on Friday. Zymeworks has a fifty-two week low of $11.51 and a fifty-two week high of $29.75. The firm has a market cap of $1.69 billion, a P/E ratio of -16.89 and a beta of 1.15. The business’s 50 day moving average price is $25.49 and its 200-day moving average price is $24.82.

Zymeworks (NASDAQ:ZYME) last announced its quarterly earnings results on Tuesday, March 31st. The company reported ($0.59) EPS for the quarter. The business had revenue of $2.41 million during the quarter. Zymeworks had a negative return on equity of 37.97% and a negative net margin of 126.92%. As a group, equities analysts predict that Zymeworks will post 1.1 EPS for the current year.

Zymeworks declared that its board has approved a share buyback plan on Thursday, May 14th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the company to buy up to 7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Zymeworks Company Profile

Zymeworks Inc is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics. The company specializes in engineered antibody and protein therapeutics designed to address a range of unmet medical needs in oncology and other serious diseases. Through its proprietary platforms, Zymeworks aims to create novel bispecific and multispecific molecules that can simultaneously engage multiple targets and recruit immune effector functions to enhance potency and specificity.

At the core of Zymeworks’ innovation is its Azymetric™ bispecific antibody platform, which enables the design of asymmetrical bispecific antibodies with controlled assembly and high stability.