Zymeworks (NYSE:ZYME) PT Lowered to $16.00 at Citigroup

Zymeworks (NYSE:ZYME) had its target price reduced by Citigroup from $17.00 to $16.00 in a research note published on Friday, Benzinga reports. Citigroup currently has a buy rating on the stock.

Separately, Wells Fargo & Company dropped their price target on shares of Zymeworks from $14.00 to $12.00 and set an overweight rating for the company in a research report on Friday.

Zymeworks Price Performance

Shares of Zymeworks stock traded up $0.20 during mid-day trading on Friday, hitting $9.20. 655,723 shares of the stock were exchanged, compared to its average volume of 630,814. Zymeworks has a twelve month low of $6.01 and a twelve month high of $13.14. The company has a 50-day simple moving average of $10.12 and a 200 day simple moving average of $9.70.

Zymeworks (NYSE:ZYME) last announced its earnings results on Wednesday, March 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.19. The firm had revenue of $16.93 million for the quarter, compared to analyst estimates of $18.32 million. Zymeworks had a negative net margin of 249.63% and a negative return on equity of 28.24%. Equities analysts predict that Zymeworks will post -1.04 earnings per share for the current year.

Institutional Trading of Zymeworks

A number of institutional investors have recently added to or reduced their stakes in the business. Gladius Capital Management LP boosted its stake in shares of Zymeworks by 36.5% in the third quarter. Gladius Capital Management LP now owns 3,940 shares of the company’s stock valued at $25,000 after purchasing an additional 1,053 shares during the period. SummerHaven Investment Management LLC grew its stake in Zymeworks by 1.4% during the 4th quarter. SummerHaven Investment Management LLC now owns 87,509 shares of the company’s stock valued at $909,000 after purchasing an additional 1,199 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Zymeworks by 6.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 27,958 shares of the company’s stock worth $290,000 after purchasing an additional 1,748 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Zymeworks by 1.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 139,415 shares of the company’s stock valued at $884,000 after purchasing an additional 2,315 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Zymeworks by 9.9% during the 4th quarter. SG Americas Securities LLC now owns 27,439 shares of the company’s stock valued at $285,000 after buying an additional 2,481 shares during the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

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 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.