Citizens Jmp Begins Coverage on Zymeworks (NYSE:ZYME)

Research analysts at Citizens Jmp started coverage on shares of Zymeworks (NYSE:ZYME) in a research report issued on Wednesday, Marketbeat Ratings reports. The firm set a “market outperform” rating and a $32.00 price target on the stock. Citizens Jmp’s target price suggests a potential upside of 20.66% from the company’s previous close.

ZYME has been the subject of several other reports. B. Riley restated a “buy” rating and set a $40.00 price objective (up from $30.00) on shares of Zymeworks in a research report on Friday, November 21st. JMP Securities set a $32.00 price target on shares of Zymeworks in a report on Wednesday. HC Wainwright lifted their price target on shares of Zymeworks from $26.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, November 18th. Wells Fargo & Company increased their price objective on Zymeworks from $17.00 to $25.00 and gave the stock a “cautious” rating in a research report on Wednesday, November 19th. Finally, Leerink Partners set a $37.00 target price on Zymeworks in a research note on Monday, November 17th. Nine research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $31.30.

Zymeworks Stock Performance

Shares of Zymeworks stock opened at $26.52 on Wednesday. Zymeworks has a one year low of $9.03 and a one year high of $28.49. The company has a market cap of $1.98 billion, a price-to-earnings ratio of -17.68 and a beta of 1.27. The business’s 50 day moving average price is $20.00 and its 200 day moving average price is $15.78.

Zymeworks (NYSE:ZYME) last issued its earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.02. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%.The company had revenue of $27.61 million during the quarter, compared to analysts’ expectations of $33.69 million. During the same period in the prior year, the business earned ($0.39) EPS. The firm’s quarterly revenue was up 72.6% on a year-over-year basis. On average, analysts predict that Zymeworks will post -1.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ZYME. PharVision Advisers LLC acquired a new position in Zymeworks during the 3rd quarter worth $304,000. Vestal Point Capital LP boosted its stake in shares of Zymeworks by 53.5% in the 3rd quarter. Vestal Point Capital LP now owns 1,765,000 shares of the company’s stock valued at $30,146,000 after buying an additional 615,000 shares during the period. Quarry LP acquired a new position in shares of Zymeworks during the third quarter worth about $50,000. Qube Research & Technologies Ltd increased its stake in shares of Zymeworks by 264.9% during the third quarter. Qube Research & Technologies Ltd now owns 255,002 shares of the company’s stock worth $4,355,000 after buying an additional 185,128 shares during the period. Finally, Millennium Management LLC raised its holdings in Zymeworks by 851.6% in the third quarter. Millennium Management LLC now owns 1,104,813 shares of the company’s stock valued at $18,870,000 after acquiring an additional 988,711 shares in the last quarter. 92.89% of the stock is currently owned by institutional investors and hedge funds.

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.