Zymeworks Inc. (NASDAQ:ZYME) Receives Average Recommendation of “Moderate Buy” from Analysts

Zymeworks Inc. (NASDAQ:ZYME) has been given an average rating of “Moderate Buy” by the eleven research firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $37.3333.

A number of equities analysts have weighed in on ZYME shares. HC Wainwright reiterated a “buy” rating and set a $46.00 target price on shares of Zymeworks in a research report on Wednesday, June 3rd. Truist Financial boosted their price target on shares of Zymeworks from $28.00 to $31.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Zymeworks in a research note on Friday, July 17th. Wells Fargo & Company raised their price objective on shares of Zymeworks from $34.00 to $37.00 and gave the stock an “overweight” rating in a report on Tuesday, June 30th. Finally, Citigroup reiterated a “buy” rating on shares of Zymeworks in a research note on Tuesday, June 30th.

Hedge Funds Weigh In On Zymeworks

Several hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC grew its position in shares of Zymeworks by 86.0% in the first 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Zymeworks by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company’s stock worth $386,000 after purchasing an additional 1,427 shares in the last quarter. Jane Street Group LLC lifted its holdings in Zymeworks by 487.0% during the 1st quarter. Jane Street Group LLC now owns 135,763 shares of the company’s stock worth $1,617,000 after purchasing an additional 112,636 shares in the last quarter. Creative Planning boosted its stake in Zymeworks by 114.8% in the 2nd quarter. Creative Planning now owns 25,389 shares of the company’s stock worth $319,000 after purchasing an additional 13,567 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Zymeworks by 1,050.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 441,690 shares of the company’s stock worth $5,543,000 after purchasing an additional 403,281 shares during the period. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Zymeworks Stock Performance

ZYME stock opened at $21.94 on Friday. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of -16.01 and a beta of 1.13. Zymeworks has a fifty-two week low of $11.51 and a fifty-two week high of $29.75. The stock has a fifty day moving average of $24.23 and a 200-day moving average of $24.48.

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

Zymeworks announced that its board has initiated a stock repurchase program on Thursday, May 14th that authorizes the company to buyback $125.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors 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.