Zymeworks (NASDAQ:ZYME) Now Covered by Analysts at TD Cowen

Analysts at TD Cowen assumed coverage on shares of Zymeworks (NASDAQ:ZYME) in a research report issued on Tuesday, Briefing.com reports. The brokerage set a “buy” rating and a $34.00 price target on the stock. TD Cowen’s target price suggests a potential upside of 25.01% from the company’s current price.

ZYME has been the subject of several other research reports. Citigroup reaffirmed a “buy” rating on shares of Zymeworks in a research note on Tuesday. Citizens Jmp reissued a “market outperform” rating and issued a $32.00 price objective on shares of Zymeworks in a research note on Wednesday, August 26th. HC Wainwright boosted their price target on shares of Zymeworks from $51.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, August 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Zymeworks in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Zymeworks from $31.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Eleven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Zymeworks presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.36.

Zymeworks Stock Performance

Shares of NASDAQ ZYME traded up $0.08 during mid-day trading on Tuesday, reaching $27.20. The company had a trading volume of 168,242 shares, compared to its average volume of 685,283. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of -13.53 and a beta of 1.19. The stock has a fifty day moving average of $26.06 and a two-hundred day moving average of $25.46. Zymeworks has a 12-month low of $16.00 and a 12-month high of $31.34.

Zymeworks (NASDAQ:ZYME) last issued its earnings results on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.06). Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The firm had revenue of $3.23 million during the quarter, compared to analysts’ expectations of $4.54 million. During the same quarter last year, the firm earned $0.03 EPS. The business’s revenue for the quarter was down 90.6% compared to the same quarter last year. Sell-side analysts forecast that Zymeworks will post 1.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Zymeworks

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Deutsche Bank AG acquired a new position in shares of Zymeworks in the second quarter valued at $10,383,000. Rubric Capital Management LP increased its position in Zymeworks by 21.7% during the 1st quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock worth $175,280,000 after buying an additional 1,250,000 shares during the period. Bank of America Corp DE acquired a new stake in shares of Zymeworks during the second quarter worth $5,727,000. Legal & General Group Plc bought a new stake in shares of Zymeworks in the second quarter valued at about $1,128,000. Finally, Manatuck Hill Partners LLC acquired a new position in shares of Zymeworks during the 2nd quarter worth approximately $2,614,000. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Zymeworks

Zymeworks Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for cancer and other serious diseases. The company uses its proprietary Azymetric and EFECT antibody-engineering platforms to design multifunctional biotherapeutics, including bispecific antibodies and antibody-drug conjugates intended to address complex disease biology.

Zymeworks’ leading product is zanidatamab, a bispecific antibody targeting HER2. In the United States, zanidatamab is marketed as Ziiたhera for previously treated, unresectable or metastatic HER2-positive biliary tract cancer.