Wells Fargo & Company Trims Zymeworks (NYSE:ZYME) Target Price to $12.00

Zymeworks (NYSE:ZYME) had its target price trimmed by Wells Fargo & Company from $14.00 to $12.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Zymeworks Stock Performance

Shares of ZYME opened at $9.20 on Friday. The firm has a market cap of $649.24 million, a price-to-earnings ratio of -5.14 and a beta of 1.16. Zymeworks has a fifty-two week low of $6.01 and a fifty-two week high of $13.14. The firm has a 50 day moving average price of $10.12 and a 200-day moving average price of $9.73.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings results on Wednesday, March 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.19. Zymeworks had a negative net margin of 249.63% and a negative return on equity of 28.24%. The company had revenue of $16.93 million for the quarter, compared to analysts’ expectations of $18.32 million. As a group, equities research analysts predict that Zymeworks will post -1.04 earnings per share for the current year.

Hedge Funds Weigh In On Zymeworks

A number of institutional investors have recently bought and sold shares of the stock. AlphaMark Advisors LLC purchased a new stake in Zymeworks during the 1st quarter valued at approximately $32,000. Gladius Capital Management LP grew its stake in Zymeworks by 36.5% during the third quarter. Gladius Capital Management LP now owns 3,940 shares of the company’s stock valued at $25,000 after acquiring an additional 1,053 shares in the last quarter. New York State Teachers Retirement System bought a new stake in Zymeworks in the 4th quarter valued at $50,000. AJOVista LLC purchased a new stake in Zymeworks in the 4th quarter worth $66,000. Finally, China Universal Asset Management Co. Ltd. purchased a new position in shares of Zymeworks during the fourth quarter valued at about $84,000. 92.89% of the stock is owned by 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.