Zymeworks (NASDAQ:ZYME) Hits New 12-Month High – Here’s Why

Shares of Zymeworks Inc. (NASDAQ:ZYME) reached a new 52-week high on Wednesday. The company traded as high as $31.49 and last traded at $30.95, with a volume of 264,950 shares changing hands. The stock had previously closed at $30.13.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ZYME shares. Citizens Jmp reiterated a “market outperform” rating and set a $32.00 price objective on shares of Zymeworks in a research report on Wednesday, August 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Zymeworks in a research report on Thursday, October 15th. TD Cowen initiated 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. 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. Finally, HC Wainwright upped their price objective on Zymeworks from $51.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, August 26th. Twelve equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $41.67.

Zymeworks Stock Up 2.6%

The company has a market capitalization of $2.18 billion, a PE ratio of -15.33 and a beta of 1.32. The firm’s 50 day simple moving average is $27.33 and its 200 day simple moving average is $25.25.

Zymeworks (NASDAQ:ZYME) last announced 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). The firm had revenue of $3.23 million during the quarter, compared to analysts’ expectations of $4.54 million. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The company’s revenue was down 90.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 EPS. As a group, sell-side analysts predict that Zymeworks Inc. will post 1.32 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Adam Schayowitz sold 13,832 shares of the company’s stock in a transaction dated Friday, October 9th. The shares were sold at an average price of $25.85, for a total transaction of $357,557.20. Following the transaction, the executive vice president directly owned 23,205 shares in the company, valued at approximately $599,849.25. This represents a 37.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 37.73% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ZYME. Nykredit A S purchased a new stake in shares of Zymeworks in the second quarter worth approximately $25,000. Sterling Capital Management LLC lifted its stake in shares of Zymeworks by 813.3% during the 3rd quarter. Sterling Capital Management LLC now owns 1,507 shares of the company’s stock worth $40,000 after acquiring an additional 1,342 shares during the last quarter. State of Wyoming purchased a new position in Zymeworks during the 2nd quarter valued at $73,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Zymeworks during the 3rd quarter valued at $96,000. Finally, State of Alaska Department of Revenue purchased a new position in Zymeworks during the 3rd quarter valued at $102,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Zymeworks Company Profile

Zymeworks Inc is a biopharmaceutical company focused on discovering, developing and commercializing multifunctional biotherapeutics for cancer and other serious diseases. The company is headquartered in Vancouver, British Columbia, and has historically operated internationally through research, development and collaboration activities.

Zymeworks’ technology platforms include Azymetric, which is designed to support the development of engineered antibody therapeutics, and ZymeLink, which enables the creation of antibody-drug conjugates and other targeted therapies.