Analysts Offer Predictions for Zymeworks Inc.’s Q2 2024 Earnings (NYSE:ZYME)

Zymeworks Inc. (NYSE:ZYME) – Research analysts at Leerink Partnrs dropped their Q2 2024 earnings estimates for shares of Zymeworks in a research report issued on Wednesday, July 24th. Leerink Partnrs analyst A. Berens now anticipates that the company will earn $0.28 per share for the quarter, down from their previous estimate of $1.13. The consensus estimate for Zymeworks’ current full-year earnings is ($1.24) per share. Leerink Partnrs also issued estimates for Zymeworks’ Q4 2024 earnings at $0.05 EPS, FY2024 earnings at ($0.79) EPS and FY2027 earnings at ($1.17) EPS.

Zymeworks (NYSE:ZYME) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.11). Zymeworks had a negative net margin of 249.63% and a negative return on equity of 28.37%. The business had revenue of $10.03 million for the quarter, compared to analysts’ expectations of $17.98 million.

Other equities research analysts have also issued reports about the stock. Citigroup reduced their target price on shares of Zymeworks from $17.00 to $16.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Wells Fargo & Company reduced their target price on shares of Zymeworks from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Finally, HC Wainwright reissued a “neutral” rating and issued a $10.00 target price on shares of Zymeworks in a report on Thursday, June 6th.

Zymeworks Stock Down 1.7 %

NYSE ZYME opened at $10.42 on Monday. Zymeworks has a 52 week low of $6.01 and a 52 week high of $13.14. The firm has a market capitalization of $736.80 million, a P/E ratio of -5.82 and a beta of 1.15. The company has a 50-day moving average price of $9.15 and a 200-day moving average price of $9.89.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ZYME. Rubric Capital Management LP boosted its stake in Zymeworks by 31.1% in the 4th quarter. Rubric Capital Management LP now owns 3,475,384 shares of the company’s stock worth $36,109,000 after purchasing an additional 823,990 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Zymeworks in the 1st quarter worth approximately $6,301,000. Jacobs Levy Equity Management Inc. boosted its stake in Zymeworks by 94.7% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 716,482 shares of the company’s stock worth $7,537,000 after purchasing an additional 348,441 shares during the period. Assenagon Asset Management S.A. bought a new position in Zymeworks in the 1st quarter worth approximately $1,752,000. Finally, Altitude Crest Partners Inc. bought a new position in shares of Zymeworks during the 1st quarter valued at approximately $1,532,000. 92.89% of the stock is currently owned by 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.