Zymeworks (NASDAQ:ZYME) Price Target Raised to $38.00 at Citigroup

Zymeworks (NASDAQ:ZYME) had its target price hoisted by equities research analysts at Citigroup from $37.00 to $38.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 30.16% from the stock’s current price.

A number of other analysts have also issued reports on the company. B. Riley Financial reiterated a “buy” rating and set a $44.00 price objective (up from $40.00) on shares of Zymeworks in a research note on Monday, August 10th. Stifel Nicolaus set a $46.00 price target on shares of Zymeworks in a report on Friday, August 7th. HC Wainwright raised their price objective on shares of Zymeworks from $51.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday. Wells Fargo & Company upped their target price on shares of Zymeworks from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Finally, Truist Financial raised their price target on shares of Zymeworks from $31.00 to $32.00 and gave the company a “buy” rating in a report on Friday, August 7th. Nine analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.00.

Zymeworks Trading Up 6.3%

Shares of NASDAQ ZYME traded up $1.73 during midday trading on Wednesday, hitting $29.20. The company’s stock had a trading volume of 670,215 shares, compared to its average volume of 678,185. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of -14.42 and a beta of 1.15. The stock has a fifty day moving average price of $24.60 and a 200 day moving average price of $24.72. Zymeworks has a one year low of $13.60 and a one year high of $30.62.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings data on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.06). Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.The business had revenue of $3.23 million during the quarter, compared to the consensus estimate of $4.54 million. During the same period last year, the business posted $0.03 earnings per share. The firm’s quarterly revenue was down 90.6% on a year-over-year basis. On average, equities research analysts predict that Zymeworks will post 1.25 earnings per share for the current fiscal year.

Zymeworks announced that its board has initiated a share repurchase program on Thursday, May 14th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the company to purchase up to 7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Zymeworks

A number of large investors have recently added to or reduced their stakes in ZYME. AQR Capital Management LLC increased its position in shares of Zymeworks by 86.0% during the 1st quarter. AQR Capital Management LLC now owns 48,485 shares of the company’s stock valued at $577,000 after purchasing an additional 22,411 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Zymeworks by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company’s stock worth $386,000 after buying an additional 1,427 shares during the last quarter. Jane Street Group LLC boosted its stake in Zymeworks by 487.0% in the first quarter. Jane Street Group LLC now owns 135,763 shares of the company’s stock worth $1,617,000 after buying an additional 112,636 shares in the last quarter. Creative Planning grew its position in Zymeworks by 114.8% during the second quarter. Creative Planning now owns 25,389 shares of the company’s stock valued at $319,000 after acquiring an additional 13,567 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Zymeworks by 1,050.0% during the second quarter. JPMorgan Chase & Co. now owns 441,690 shares of the company’s stock valued at $5,543,000 after acquiring an additional 403,281 shares during the last quarter. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Key Stories Impacting Zymeworks

Here are the key news stories impacting Zymeworks this week:

• Positive Sentiment: The FDA approved two Ziihera (zanidatamab)-based regimens for first-line treatment of adults with unresectable or metastatic HER2-positive gastroesophageal adenocarcinoma. The approval expands the drug’s addressable market and represents zanidatamab’s second FDA approval in less than two years, supporting confidence in Zymeworks’ Azymetric bispecific-antibody platform. FDA approval and milestone announcement
• Positive Sentiment: The approval triggered a $250 million milestone payment from Jazz Pharmaceuticals, bringing Zymeworks’ cumulative upfront and milestone payments from Jazz to $650 million. Zymeworks also remains eligible for up to $1.3 billion in additional Jazz milestones and tiered royalties of 10% to 20% on net sales, plus further payments and royalties under its BeOne Medicines collaboration. Zymeworks milestone payment report
• Positive Sentiment: HC Wainwright raised its ZYME price target to $55 from $51 and maintained a “buy” rating, implying substantial upside. Citizens JMP reaffirmed a “market outperform” rating with a $32 target, adding further analyst support. Analyst target update
• Neutral Sentiment: The FDA approval relies on ongoing confirmatory trials and additional analyses, leaving potential clinical, regulatory, and commercialization risks. Zymeworks also depends on Jazz and BeOne to develop and commercialize zanidatamab successfully.
• Neutral Sentiment: The reported short-interest data showed zero shares and zero days to cover, providing no meaningful indication of short-covering activity.

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.