Zymeworks Inc. (NASDAQ:ZYME) Receives $37.33 Average Target Price from Analysts

Zymeworks Inc. (NASDAQ:ZYME) has been given an average rating of “Moderate Buy” by the eleven brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $37.3333.

A number of research firms recently commented on ZYME. Truist Financial lifted their price target on Zymeworks from $28.00 to $31.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Citigroup reaffirmed a “buy” rating on shares of Zymeworks in a research report on Tuesday, June 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Zymeworks in a research note on Monday, April 20th. HC Wainwright reissued a “buy” rating and set a $46.00 target price on shares of Zymeworks in a report on Wednesday, June 3rd. Finally, Wells Fargo & Company increased 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.

Zymeworks Price Performance

Shares of ZYME opened at $24.94 on Tuesday. The firm has a 50-day moving average of $24.67 and a 200-day moving average of $24.70. Zymeworks has a one year low of $11.51 and a one year high of $29.75. The company has a market cap of $1.82 billion, a PE ratio of -18.20 and a beta of 1.13.

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

Zymeworks declared that its board has approved a share buyback program on Thursday, May 14th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the company to purchase up to 7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Zymeworks

Several large investors have recently modified their holdings of the stock. AQR Capital Management LLC lifted its stake in shares of Zymeworks by 86.0% during the 1st quarter. AQR Capital Management LLC now owns 48,485 shares of the company’s stock worth $577,000 after buying an additional 22,411 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in 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 during the last quarter. Jane Street Group LLC grew its stake in 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 during the last quarter. Creative Planning grew its stake in Zymeworks by 114.8% in the 2nd quarter. Creative Planning now owns 25,389 shares of the company’s stock valued at $319,000 after buying an additional 13,567 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Zymeworks by 1,050.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 441,690 shares of the company’s stock valued at $5,543,000 after acquiring an additional 403,281 shares during the period. 92.89% of the stock is owned by institutional investors.

About Zymeworks

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.