Zymeworks (NASDAQ:ZYME) Shares Gap Up on Analyst Upgrade

Zymeworks Inc. (NASDAQ:ZYME)’s share price gapped up prior to trading on Friday after Wells Fargo & Company upgraded the stock from a hold rating to a strong-buy rating. The stock had previously closed at $24.94, but opened at $26.28. Zymeworks shares last traded at $26.10, with a volume of 152,853 shares changing hands.

Several other brokerages have also commented on ZYME. Zacks Research lowered Zymeworks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 26th. HC Wainwright upgraded shares of Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 14th. Wall Street Zen lowered shares of Zymeworks from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. B. Riley raised shares of Zymeworks to a “strong-buy” rating in a report on Thursday, October 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Zymeworks in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Zymeworks presently has an average rating of “Buy”.

Zymeworks Stock Performance

The company has a market capitalization of $1.91 billion, a PE ratio of -30.33 and a beta of 1.27. The business has a fifty day moving average price of $21.07.

Zymeworks (NASDAQ:ZYME) last announced its earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.04. Zymeworks had a negative net margin of 47.16% and a negative return on equity of 19.25%. The company had revenue of $27.61 million for the quarter, compared to analyst estimates of $28.27 million.

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 novel bispecific antibody that is in Phase 1 and Phase 2 clinical trials for the treatment of biliary tract, gastroesophageal adenocarcinomas, and breast cancer; and ZW49, a biparatopic anti- human epidermal growth factor receptor 2 (HER2) antibody-drug conjugate that is in Phase 1 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.