Citigroup Increases Zymeworks (NASDAQ:ZYME) Price Target to $38.00

Zymeworks (NASDAQ:ZYME) had its price objective boosted by research analysts at Citigroup from $37.00 to $38.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 30.16% from the stock’s current price.

A number of other research firms have also weighed in on ZYME. B. Riley Financial reissued a “buy” rating and set a $44.00 price objective (up from $40.00) on shares of Zymeworks in a research note on Monday, August 10th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $32.00 target price on shares of Zymeworks in a research note on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Zymeworks in a research report on Friday, July 17th. Truist Financial raised their price target on shares of Zymeworks from $31.00 to $32.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Finally, HC Wainwright upped their price objective on shares of Zymeworks from $51.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.00.

Zymeworks Stock Up 6.3%

Shares of ZYME traded up $1.73 during trading hours on Wednesday, hitting $29.20. The company had a trading volume of 670,215 shares, compared to its average volume of 678,185. Zymeworks has a 52-week low of $13.60 and a 52-week high of $30.62. The stock’s 50 day moving average price is $24.60 and its 200 day moving average price is $24.72. The firm has a market cap of $2.07 billion, a P/E ratio of -14.42 and a beta of 1.15.

Zymeworks (NASDAQ:ZYME) last issued its earnings results on Friday, August 7th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.06). Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The company had revenue of $3.23 million for the quarter, compared to analysts’ expectations of $4.54 million. During the same quarter in the prior year, the company earned $0.03 earnings per share. The company’s revenue was down 90.6% compared to the same quarter last year. On average, research analysts expect that Zymeworks will post 1.25 EPS for the current fiscal year.

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

Institutional Trading of Zymeworks

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Zymeworks during the 2nd quarter worth approximately $111,122,000. Siren L.L.C. purchased a new position in shares of Zymeworks in the 4th quarter valued at approximately $44,238,000. Rubric Capital Management LP grew its stake in Zymeworks by 21.7% in the first quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock worth $175,280,000 after purchasing an additional 1,250,000 shares during the period. Perceptive Advisors LLC raised its holdings in Zymeworks by 56.0% in the fourth quarter. Perceptive Advisors LLC now owns 3,261,850 shares of the company’s stock worth $85,885,000 after purchasing an additional 1,171,187 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in Zymeworks by 851.6% in the third quarter. Millennium Management LLC now owns 1,104,813 shares of the company’s stock worth $18,870,000 after purchasing an additional 988,711 shares in the last quarter. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Zymeworks News Roundup

Here are the key news stories impacting Zymeworks this week:

• Positive Sentiment: The FDA approved two Ziihera (zanidatamab)-based regimens for first-line treatment of adults with unresectable or metastatic HER2-positive gastroesophageal adenocarcinoma. The approval expands the drug’s addressable market and represents zanidatamab’s second FDA approval in less than two years, supporting confidence in Zymeworks’ Azymetric bispecific-antibody platform. FDA approval and milestone announcement
• Positive Sentiment: The approval triggered a $250 million milestone payment from Jazz Pharmaceuticals, bringing Zymeworks’ cumulative upfront and milestone payments from Jazz to $650 million. Zymeworks also remains eligible for up to $1.3 billion in additional Jazz milestones and tiered royalties of 10% to 20% on net sales, plus further payments and royalties under its BeOne Medicines collaboration. Zymeworks milestone payment report
• Positive Sentiment: HC Wainwright raised its ZYME price target to $55 from $51 and maintained a “buy” rating, implying substantial upside. Citizens JMP reaffirmed a “market outperform” rating with a $32 target, adding further analyst support. Analyst target update
• Neutral Sentiment: The FDA approval relies on ongoing confirmatory trials and additional analyses, leaving potential clinical, regulatory, and commercialization risks. Zymeworks also depends on Jazz and BeOne to develop and commercialize zanidatamab successfully.
• Neutral Sentiment: The reported short-interest data showed zero shares and zero days to cover, providing no meaningful indication of short-covering activity.

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.