Zymeworks Inc. (NASDAQ:ZYME) Given Consensus Rating of “Moderate Buy” by Brokerages

Zymeworks Inc. (NASDAQ:ZYME) has earned an average recommendation of “Moderate Buy” from the eleven ratings firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $40.75.

A number of research firms have weighed in on ZYME. Stifel Nicolaus set a $46.00 target price on Zymeworks in a report on Friday, August 7th. Citigroup reiterated a “buy” rating on shares of Zymeworks in a report on Monday, August 10th. B. Riley Financial reissued a “buy” rating and issued a $44.00 price target (up from $40.00) on shares of Zymeworks in a research report on Monday, August 10th. Truist Financial upped their price objective on Zymeworks from $31.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Finally, HC Wainwright raised their price objective on Zymeworks from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th.

Zymeworks Stock Performance

Shares of ZYME opened at $27.47 on Wednesday. The company has a 50 day moving average price of $24.60 and a 200-day moving average price of $24.72. Zymeworks has a fifty-two week low of $13.60 and a fifty-two week high of $30.50. The stock has a market capitalization of $1.95 billion, a PE ratio of -13.60 and a beta of 1.15.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings data on Friday, August 7th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.06). The business had revenue of $3.23 million for the quarter, compared to the consensus estimate of $4.54 million. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. Zymeworks’s revenue for the quarter was down 90.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.03 earnings per share. Equities research analysts forecast that Zymeworks will post 1.25 EPS for the current year.

Zymeworks declared that its Board of Directors has approved a share buyback program on Thursday, May 14th that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the company to purchase up to 7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Zymeworks

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