Wolfe Research Begins Coverage on Zymeworks (NASDAQ:ZYME)

Wolfe Research started coverage on shares of Zymeworks (NASDAQ:ZYME) in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage set an “outperform” rating on the stock.

ZYME has been the topic of a number of other research reports. Truist Financial raised their price target on Zymeworks from $31.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Stifel Nicolaus set a $46.00 price objective on Zymeworks in a research note on Friday, August 7th. Wells Fargo & Company increased their price objective on Zymeworks from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Citizens Jmp restated a “market outperform” rating and set a $32.00 target price on shares of Zymeworks in a research report on Wednesday, August 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Zymeworks in a report on Friday, July 17th. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Zymeworks Trading Up 0.7%

ZYME stock opened at $26.24 on Thursday. The stock has a market cap of $1.86 billion, a P/E ratio of -12.99 and a beta of 1.19. Zymeworks has a twelve month low of $15.79 and a twelve month high of $31.34. The company’s 50 day moving average is $25.72 and its two-hundred day moving average is $25.31.

Zymeworks (NASDAQ:ZYME) last announced its quarterly earnings results on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.06). Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.The company had revenue of $3.23 million for the quarter, compared to analyst estimates of $4.54 million. During the same quarter in the prior year, the business earned $0.03 earnings per share. Zymeworks’s revenue was down 90.6% compared to the same quarter last year. On average, equities research analysts predict that Zymeworks will post 1.38 earnings per share for the current year.

Hedge Funds Weigh In On Zymeworks

Large investors have recently modified their holdings of the business. Rubric Capital Management LP boosted its stake in shares of Zymeworks by 21.7% in the first quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock valued at $175,280,000 after buying an additional 1,250,000 shares in the last quarter. BlackRock Inc. acquired a new stake in Zymeworks in the second quarter valued at $111,122,000. Perceptive Advisors LLC boosted its position in shares of Zymeworks by 7.6% during the 1st quarter. Perceptive Advisors LLC now owns 3,510,078 shares of the company’s stock worth $87,892,000 after purchasing an additional 248,228 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Zymeworks by 72.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,252,027 shares of the company’s stock worth $32,728,000 after purchasing an additional 524,041 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Zymeworks by 6.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 743,898 shares of the company’s stock worth $18,627,000 after purchasing an additional 43,896 shares during the period. 92.89% of the stock is owned by hedge funds and other institutional investors.

About Zymeworks

Zymeworks Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for cancer and other serious diseases. The company uses its proprietary Azymetric and EFECT antibody-engineering platforms to design multifunctional biotherapeutics, including bispecific antibodies and antibody-drug conjugates intended to address complex disease biology.

Zymeworks’ leading product is zanidatamab, a bispecific antibody targeting HER2. In the United States, zanidatamab is marketed as Ziiたhera for previously treated, unresectable or metastatic HER2-positive biliary tract cancer.