Zymeworks (NYSE:ZYME) Shares Gap Up – Time to Buy?

Zymeworks Inc. (NYSE:ZYME) shares gapped up prior to trading on Friday . The stock had previously closed at $24.94, but opened at $26.28. Zymeworks shares last traded at $26.0750, with a volume of 153,260 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. B. Riley reiterated a “buy” rating and set a $40.00 price objective (up previously from $30.00) on shares of Zymeworks in a research report on Friday, November 21st. Wells Fargo & Company raised shares of Zymeworks from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $25.00 to $33.00 in a report on Friday. JMP Securities set a $32.00 price target on Zymeworks in a research report on Wednesday, December 3rd. HC Wainwright upped their price objective on Zymeworks from $26.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, November 18th. Finally, Citigroup started coverage on Zymeworks in a research note on Wednesday, December 3rd. They issued an “outperform” rating for the company. Ten equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Zymeworks has a consensus rating of “Buy” and a consensus price target of $32.10.

Zymeworks Price Performance

The firm has a market capitalization of $1.91 billion, a P/E ratio of -16.99 and a beta of 1.27. The firm has a 50-day moving average price of $21.07 and a two-hundred day moving average price of $16.40.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Tudor Investment Corp ET AL grew its position in Zymeworks by 9.6% in the third quarter. Tudor Investment Corp ET AL now owns 37,583 shares of the company’s stock worth $642,000 after acquiring an additional 3,290 shares during the period. PharVision Advisers LLC acquired a new position in Zymeworks in the 3rd quarter valued at $304,000. Vestal Point Capital LP raised its position in Zymeworks by 53.5% in the third quarter. Vestal Point Capital LP now owns 1,765,000 shares of the company’s stock worth $30,146,000 after acquiring an additional 615,000 shares in the last quarter. Quarry LP purchased a new stake in shares of Zymeworks in the 3rd quarter worth about $50,000. Finally, Qube Research & Technologies Ltd grew its holdings 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 in the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

Zymeworks Company Profile

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.