Zymeworks (NYSE:ZYME) Issues Earnings Results

Zymeworks (NYSE:ZYME) announced its quarterly earnings results on Thursday. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.02, Briefing.com reports. The business had revenue of $27.61 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 72.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.39) EPS.

Zymeworks Trading Down 0.8%

NYSE:ZYME opened at $17.90 on Friday. Zymeworks has a 12-month low of $9.03 and a 12-month high of $19.98. The firm has a market cap of $1.35 billion, a PE ratio of -11.93 and a beta of 1.48. The stock has a fifty day moving average price of $16.92 and a 200 day moving average price of $14.24.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ZYME. Wells Fargo & Company started coverage on shares of Zymeworks in a report on Friday, October 24th. They issued an “equal weight” rating and a $15.00 price objective on the stock. B. Riley assumed coverage on shares of Zymeworks in a research report on Friday, October 10th. They set a “buy” rating and a $30.00 price target for the company. JPMorgan Chase & Co. upped their price objective on shares of Zymeworks from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. HC Wainwright reaffirmed a “buy” rating on shares of Zymeworks in a research report on Monday, October 27th. Finally, Citigroup boosted their target price on Zymeworks from $19.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, August 11th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.33.

Hedge Funds Weigh In On Zymeworks

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC increased its stake in shares of Zymeworks by 29.6% during the second quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock worth $62,000 after buying an additional 1,131 shares during the period. BNP Paribas Financial Markets grew its holdings in Zymeworks by 157.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company’s stock worth $129,000 after acquiring an additional 6,307 shares in the last quarter. Brevan Howard Capital Management LP acquired a new position in Zymeworks during the 2nd quarter worth approximately $133,000. Engineers Gate Manager LP increased its position in shares of Zymeworks by 52.8% in the 2nd quarter. Engineers Gate Manager LP now owns 18,941 shares of the company’s stock valued at $238,000 after purchasing an additional 6,542 shares during the last quarter. Finally, Creative Planning increased its position in shares of 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 purchasing an additional 13,567 shares during the last quarter. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Zymeworks Company Profile

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.