Zymeworks (NYSE:ZYME) Upgraded to “Outperform” at Leerink Partners

Zymeworks (NYSE:ZYME) was upgraded by investment analysts at Leerink Partners from a “market perform” rating to an “outperform” rating in a research report issued on Thursday, FinViz reports. The brokerage currently has a $25.00 price objective on the stock, up from their prior price objective of $10.00. Leerink Partners’ target price suggests a potential upside of 60.15% from the stock’s previous close.

ZYME has been the subject of several other reports. Citigroup boosted their target price on Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday. HC Wainwright restated a “neutral” rating and set a $12.00 price objective on shares of Zymeworks in a research report on Friday, November 1st. Stifel Nicolaus increased their target price on Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Finally, Wells Fargo & Company cut Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 price objective for the company. in a report on Friday, November 1st. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Zymeworks has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

Zymeworks Stock Up 6.5 %

Shares of ZYME opened at $15.61 on Thursday. Zymeworks has a twelve month low of $6.83 and a twelve month high of $15.63. The stock has a market cap of $1.11 billion, a PE ratio of -10.41 and a beta of 1.16. The business’s 50-day moving average price is $12.80 and its 200-day moving average price is $10.59.

Zymeworks (NYSE:ZYME) last posted its earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.01. The business had revenue of $16.00 million for the quarter, compared to analysts’ expectations of $17.90 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.41) EPS. Analysts expect that Zymeworks will post -0.94 earnings per share for the current fiscal year.

Institutional Trading of Zymeworks

Several institutional investors have recently added to or reduced their stakes in ZYME. California State Teachers Retirement System boosted its stake in shares of Zymeworks by 2.9% during the first quarter. California State Teachers Retirement System now owns 43,420 shares of the company’s stock valued at $457,000 after purchasing an additional 1,215 shares during the period. Arizona State Retirement System boosted its position in Zymeworks by 11.1% during the 2nd quarter. Arizona State Retirement System now owns 12,841 shares of the company’s stock valued at $109,000 after buying an additional 1,285 shares during the period. ProShare Advisors LLC increased its position in shares of Zymeworks by 11.1% in the first quarter. ProShare Advisors LLC now owns 14,952 shares of the company’s stock valued at $157,000 after acquiring an additional 1,499 shares during the period. SummerHaven Investment Management LLC raised its stake in shares of Zymeworks by 2.0% during the second quarter. SummerHaven Investment Management LLC now owns 90,158 shares of the company’s stock valued at $767,000 after acquiring an additional 1,772 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Zymeworks by 17.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,664 shares of the company’s stock worth $165,000 after purchasing an additional 2,351 shares during the last quarter. 92.89% of the stock is currently owned by hedge funds and other 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.