Zymeworks Inc (ZYME) Downgraded by Scotiabank
Zymeworks Inc (NASDAQ:ZYME) was downgraded by investment analysts at Scotiabank from an “overweight” rating to an “underweight” rating in a research note issued on Thursday, StockTargetPrices.com reports.
ZYME has been the topic of a number of other research reports. Barclays PLC restated an “underweight” rating and set a $8.00 price objective on shares of Zymeworks in a research note on Thursday. Wells Fargo & Company initiated coverage on Zymeworks in a research note on Tuesday, May 23rd. They set an “outperform” rating and a $20.00 price objective on the stock. Canaccord Genuity initiated coverage on Zymeworks in a research note on Tuesday, May 23rd. They set a “buy” rating and a $18.00 price objective on the stock. Citigroup Inc. initiated coverage on Zymeworks in a research note on Tuesday, May 23rd. They set a “buy” rating and a $18.00 price objective on the stock. Finally, Zacks Investment Research lowered Zymeworks from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. Three investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $16.00.
Shares of Zymeworks (ZYME) traded down 5.68% on Thursday, reaching $7.80. The company’s stock had a trading volume of 18,448 shares. The company’s 50 day moving average is $7.47 and its 200-day moving average is $9.28. Zymeworks has a 1-year low of $6.25 and a 1-year high of $14.25. The firm’s market cap is $197.64 million.
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A number of institutional investors have recently bought and sold shares of ZYME. Franklin Resources Inc. bought a new position in Zymeworks during the 2nd quarter worth $6,878,000. Barometer Capital Management Inc. bought a new position in shares of Zymeworks in the 2nd quarter valued at $484,000. Sentry Investments Corp. bought a new position in shares of Zymeworks in the 2nd quarter valued at $206,000. Finally, OxFORD Asset Management LLP bought a new position in shares of Zymeworks in the 2nd quarter valued at $154,000.
Zymeworks Inc is a Canada-based clinical-stage biopharmaceutical company. The Company focuses on the discovery, development and commercialization of multifunctional biotherapeutics. The Company’s ZymeCAD platform is for protein modeling and structure-guided protein engineering. The Company’s platforms include Azymetric Platform, AlbuCORE Platform, EFECT Platform and Zymelink Conjugation Platform + Cytotoxins.
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