Zymeworks Inc. (NYSE:ZYME) Given Consensus Rating of “Buy” by Brokerages

Shares of Zymeworks Inc. (NYSE:ZYME) have been given an average recommendation of “Buy” by the eleven analysts that are currently covering the firm, Marketbeat reports. Eleven equities research analysts have rated the stock with a buy rating. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $32.8182.

Several brokerages have issued reports on ZYME. Citizens Jmp began coverage on shares of Zymeworks in a research report on Wednesday, December 3rd. They set a “market outperform” rating and a $32.00 price objective on the stock. Wells Fargo & Company raised Zymeworks from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $25.00 to $33.00 in a report on Friday, December 12th. HC Wainwright boosted their price target on Zymeworks from $26.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, November 18th. JPMorgan Chase & Co. increased their price objective on Zymeworks from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Finally, B. Riley reiterated a “buy” rating and issued a $40.00 target price (up from $30.00) on shares of Zymeworks in a research note on Friday, November 21st.

Zymeworks Stock Performance

ZYME opened at $22.53 on Friday. The business’s 50-day simple moving average is $25.22 and its 200-day simple moving average is $19.39. Zymeworks has a one year low of $9.03 and a one year high of $28.49. The stock has a market capitalization of $1.69 billion, a P/E ratio of -15.02 and a beta of 1.30.

Zymeworks (NYSE:ZYME) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.02. The business had revenue of $27.61 million during 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 company’s revenue was up 72.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.39) earnings per share. On average, equities research analysts forecast that Zymeworks will post -1.39 EPS for the current fiscal year.

Insider Activity

In other Zymeworks news, COO Mark Hollywood sold 6,120 shares of the company’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $22.67, for a total transaction of $138,740.40. Following the completion of the transaction, the chief operating officer owned 132,913 shares in the company, valued at approximately $3,013,137.71. This represents a 4.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Andrew Moore sold 20,110 shares of the firm’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $25.10, for a total transaction of $504,761.00. Following the completion of the sale, the insider owned 31,212 shares of the company’s stock, valued at $783,421.20. This trade represents a 39.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 187,933 shares of company stock valued at $4,673,716. 33.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Zymeworks

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. EcoR1 Capital LLC boosted its stake in shares of Zymeworks by 33.1% in the second quarter. EcoR1 Capital LLC now owns 22,970,388 shares of the company’s stock valued at $288,278,000 after buying an additional 5,710,840 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of Zymeworks by 144.6% during the 2nd quarter. Squarepoint Ops LLC now owns 155,599 shares of the company’s stock worth $1,953,000 after purchasing an additional 91,997 shares during the period. Norges Bank acquired a new position in shares of Zymeworks during the 2nd quarter worth $2,531,000. Assenagon Asset Management S.A. increased its holdings in shares of Zymeworks by 169.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,326,774 shares of the company’s stock valued at $22,661,000 after purchasing an additional 833,994 shares in the last quarter. Finally, Tejara Capital Ltd lifted its stake in shares of Zymeworks by 5.7% in the second quarter. Tejara Capital Ltd now owns 200,150 shares of the company’s stock valued at $2,512,000 after purchasing an additional 10,741 shares during the period. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Zymeworks

Zymeworks Inc is a clinical-stage biopharmaceutical company headquartered in Vancouver, British Columbia, with a focus on the discovery, development and commercialization of multifunctional biotherapeutics. Founded in 2003, the company applies proprietary protein engineering platforms to create novel antibody and protein-based therapies targeting oncology and other serious diseases. Zymeworks is publicly traded on the New York Stock Exchange under the symbol ZYME.

The company’s core technology platforms include Azymetric®, which enables the design of bispecific antibodies capable of engaging two distinct targets simultaneously, and the EFECT™ platform for fine-tuning antibody-drug conjugate properties.