Zymeworks (NYSE:ZYME) Shares Gap Up – Here’s What Happened

Zymeworks Inc. (NYSE:ZYME)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $12.58, but opened at $13.47. Zymeworks shares last traded at $13.72, with a volume of 78,790 shares.

Analysts Set New Price Targets

A number of research analysts have commented on ZYME shares. Leerink Partners raised Zymeworks from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $10.00 to $25.00 in a report on Thursday, November 7th. HC Wainwright restated a “neutral” rating and issued a $12.00 price target on shares of Zymeworks in a research note on Friday, November 22nd. Citigroup boosted their price objective on shares of Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a report on Monday, November 4th. JPMorgan Chase & Co. upgraded shares of Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price target for the company in a research report on Monday. Finally, Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.83.

Zymeworks Trading Down 2.9 %

The firm has a market cap of $920.90 million, a price-to-earnings ratio of -8.91 and a beta of 1.12. The company’s 50-day moving average is $14.14 and its 200-day moving average is $11.75.

Zymeworks (NYSE:ZYME) last issued its earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The firm had revenue of $16.00 million for the quarter, compared to the consensus estimate of $17.90 million. During the same quarter last year, the business posted ($0.41) EPS. The company’s revenue was down 3.1% compared to the same quarter last year. Equities research analysts forecast that Zymeworks Inc. will post -1.43 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its position in Zymeworks by 0.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 132,798 shares of the company’s stock worth $1,667,000 after purchasing an additional 650 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Zymeworks by 11.1% during the second quarter. Arizona State Retirement System now owns 12,841 shares of the company’s stock worth $109,000 after buying an additional 1,285 shares in the last quarter. FMR LLC lifted its stake in shares of Zymeworks by 84.2% in the 3rd quarter. FMR LLC now owns 3,336 shares of the company’s stock valued at $42,000 after acquiring an additional 1,525 shares during the last quarter. Stifel Financial Corp boosted its holdings in shares of Zymeworks by 2.1% during the 3rd quarter. Stifel Financial Corp now owns 73,654 shares of the company’s stock valued at $924,000 after acquiring an additional 1,540 shares in the last quarter. Finally, SummerHaven Investment Management LLC grew its position in Zymeworks by 2.0% during the 2nd quarter. SummerHaven Investment Management LLC now owns 90,158 shares of the company’s stock worth $767,000 after acquiring an additional 1,772 shares during the last quarter. Institutional investors own 92.89% of the company’s stock.

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.