Zymeworks (NASDAQ:ZYME) Stock Price Expected to Rise, Truist Financial Analyst Says

Zymeworks (NASDAQ:ZYME) had its target price lifted by investment analysts at Truist Financial from $31.00 to $32.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 36.62% from the stock’s current price.

Several other equities analysts have also issued reports on ZYME. Weiss Ratings reiterated a “sell (d-)” rating on shares of Zymeworks in a research note on Friday, July 17th. HC Wainwright raised their price target on shares of Zymeworks from $46.00 to $51.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company reiterated an “overweight” rating on shares of Zymeworks in a research note on Friday. Finally, Citigroup reissued a “buy” rating on shares of Zymeworks in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $38.00.

Zymeworks Trading Up 1.3%

Shares of NASDAQ ZYME opened at $23.42 on Friday. Zymeworks has a 12-month low of $11.51 and a 12-month high of $29.75. The stock’s fifty day simple moving average is $24.02 and its two-hundred day simple moving average is $24.46. The stock has a market capitalization of $1.71 billion, a PE ratio of -17.64 and a beta of 1.15.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.05). The company had revenue of $4.59 million during the quarter, compared to the consensus estimate of $3.81 million. Zymeworks had a negative return on equity of 37.97% and a negative net margin of 126.92%.The company’s revenue was down 90.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.03 earnings per share. On average, equities analysts predict that Zymeworks will post 1.36 earnings per share for the current fiscal year.

Zymeworks declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 14th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the company to repurchase up to 7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Zymeworks

Institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Zymeworks in the fourth quarter worth $37,000. State of Wyoming acquired a new position in Zymeworks during the second quarter valued at $73,000. Quarry LP acquired a new position in Zymeworks during the third quarter valued at $50,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Zymeworks by 25.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company’s stock valued at $96,000 after purchasing an additional 731 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Zymeworks by 29.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock worth $62,000 after purchasing an additional 1,131 shares during the period. 92.89% of the stock is owned by hedge funds and other institutional investors.

Zymeworks Company Profile

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.