Zymeworks (NASDAQ:ZYME) Shares Climb 4.4% – Still a Buy?

Zymeworks Inc. (NASDAQ:ZYME)’s stock price shot up 4.4% on Wednesday. The stock traded as high as $26.85 and last traded at $26.78. Approximately 184,171 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 698,448 shares. The stock had previously closed at $25.65.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ZYME. Wolfe Research began coverage on shares of Zymeworks in a research report on Thursday, September 17th. They issued an “outperform” rating on the stock. HC Wainwright boosted their price objective on shares of Zymeworks from $51.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, August 26th. Wells Fargo & Company upped their target price on shares of Zymeworks from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. JPMorgan Chase & Co. increased their target price on shares of Zymeworks from $31.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, September 3rd. Finally, TD Cowen assumed coverage on shares of Zymeworks in a report on Tuesday, September 29th. They issued a “buy” rating and a $34.00 price target for the company. Eleven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.64.

Zymeworks Stock Performance

The company has a 50-day moving average of $26.56 and a 200-day moving average of $25.60. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of -12.50 and a beta of 1.17.

Zymeworks (NASDAQ:ZYME) last announced its 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). The company had revenue of $3.23 million for the quarter, compared to analyst estimates of $4.54 million. Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.The business’s quarterly revenue was down 90.6% on a year-over-year basis. During the same quarter last year, the business posted $0.03 earnings per share. As a group, analysts anticipate that Zymeworks Inc. will post 1.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Zymeworks

Large investors have recently added to or reduced their stakes in the company. Nykredit A S bought a new stake in Zymeworks in the 2nd quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Zymeworks during the 4th quarter worth approximately $37,000. State of Wyoming bought a new position in shares of Zymeworks during the 2nd quarter worth approximately $73,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Zymeworks by 10.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 8,507 shares of the company’s stock valued at $221,000 after purchasing an additional 800 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of Zymeworks by 3.8% in the first quarter. Janney Montgomery Scott LLC now owns 11,487 shares of the company’s stock worth $288,000 after purchasing an additional 420 shares in the last quarter. Institutional investors own 92.89% of the company’s stock.

About Zymeworks

Zymeworks Inc (NASDAQ: ZYME) is a biopharmaceutical company focused on discovering, developing and commercializing engineered antibody-based therapeutics for cancer and other serious diseases. The company’s technologies are designed to create bispecific and multispecific antibodies, as well as antibody-drug conjugates that can target tumor cells and deliver therapeutic payloads.

Zymeworks’ leading product is zanidatamab, marketed in the United States as Ziihera. The bispecific antibody targets two separate sites on the HER2 protein and received U.S.