Zymeworks (NASDAQ:ZYME) Stock Price Expected to Rise, Truist Financial Analyst Says

Zymeworks (NASDAQ:ZYME) had its target price hoisted by stock analysts at Truist Financial from $28.00 to $31.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 22.38% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Zymeworks in a research report on Monday, April 20th. Wells Fargo & Company upped their price target on Zymeworks from $34.00 to $37.00 and gave the company an “overweight” rating in a research note on Tuesday, June 30th. Citigroup reiterated a “buy” rating on shares of Zymeworks in a report on Tuesday, June 30th. Finally, HC Wainwright reiterated a “buy” rating and issued a $46.00 price objective on shares of Zymeworks in a research report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Zymeworks presently has an average rating of “Moderate Buy” and an average price target of $37.33.

Zymeworks Price Performance

Shares of ZYME stock opened at $25.33 on Tuesday. Zymeworks has a 12-month low of $11.51 and a 12-month high of $29.75. The firm has a 50-day moving average price of $24.85 and a 200 day moving average price of $24.72.

Zymeworks (NASDAQ:ZYME) last announced its earnings results on Tuesday, March 31st. The company reported ($0.59) earnings per share (EPS) for the quarter. Zymeworks had a negative return on equity of 37.97% and a negative net margin of 126.92%.The company had revenue of $2.41 million for the quarter. On average, research analysts predict that Zymeworks will post 1.1 EPS for the current year.

Zymeworks declared that its board has authorized a stock repurchase plan on Thursday, May 14th that authorizes the company to repurchase $125.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Zymeworks

A number of institutional investors and hedge funds have recently modified their holdings of ZYME. AQR Capital Management LLC grew its holdings in Zymeworks by 86.0% during the first quarter. AQR Capital Management LLC now owns 48,485 shares of the company’s stock valued at $577,000 after purchasing an additional 22,411 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Zymeworks by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company’s stock valued at $386,000 after buying an additional 1,427 shares in the last quarter. Jane Street Group LLC increased its position in shares of Zymeworks by 487.0% in the 1st quarter. Jane Street Group LLC now owns 135,763 shares of the company’s stock valued at $1,617,000 after buying an additional 112,636 shares in the last quarter. Creative Planning raised its stake in Zymeworks by 114.8% during the 2nd quarter. Creative Planning now owns 25,389 shares of the company’s stock worth $319,000 after buying an additional 13,567 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in Zymeworks by 1,050.0% during the second quarter. JPMorgan Chase & Co. now owns 441,690 shares of the company’s stock worth $5,543,000 after acquiring an additional 403,281 shares in the last quarter. 92.89% of the stock is owned by institutional investors.

Zymeworks Company Profile

Zymeworks Inc is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics. The company specializes in engineered antibody and protein therapeutics designed to address a range of unmet medical needs in oncology and other serious diseases. Through its proprietary platforms, Zymeworks aims to create novel bispecific and multispecific molecules that can simultaneously engage multiple targets and recruit immune effector functions to enhance potency and specificity.

At the core of Zymeworks’ innovation is its Azymetric™ bispecific antibody platform, which enables the design of asymmetrical bispecific antibodies with controlled assembly and high stability.