Zymeworks (NYSE:ZYME) Price Target Raised to $32.00 at HC Wainwright

Zymeworks (NYSE:ZYME) had its price objective raised by HC Wainwright from $26.00 to $32.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective would suggest a potential upside of 33.89% from the company’s current price.

A number of other research firms have also recently weighed in on ZYME. JPMorgan Chase & Co. raised their price objective on Zymeworks from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Wells Fargo & Company raised their price target on Zymeworks from $15.00 to $17.00 and gave the stock an “equal weight” rating in a report on Friday, November 7th. Leerink Partners set a $37.00 price objective on shares of Zymeworks in a research report on Monday. B. Riley initiated coverage on shares of Zymeworks in a research report on Friday, October 10th. They set a “buy” rating and a $30.00 target price on the stock. Finally, Citigroup boosted their price objective on shares of Zymeworks from $19.00 to $22.00 and gave the company a “buy” rating in a report on Monday, August 11th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.29.

Zymeworks Stock Performance

NYSE:ZYME opened at $23.90 on Tuesday. The company’s 50-day simple moving average is $17.57 and its 200-day simple moving average is $14.59. Zymeworks has a fifty-two week low of $9.03 and a fifty-two week high of $26.19. The stock has a market capitalization of $1.79 billion, a P/E ratio of -15.93 and a beta of 1.48.

Zymeworks (NYSE:ZYME) last posted its earnings results on Thursday, November 6th. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.02. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The company had revenue of $27.61 million during the quarter, compared to analysts’ expectations of $33.69 million. During the same quarter in the prior year, the company posted ($0.39) earnings per share. Zymeworks’s revenue for the quarter was up 72.6% compared to the same quarter last year. On average, research analysts forecast that Zymeworks will post -1.39 EPS for the current year.

Institutional Trading of Zymeworks

Several hedge funds and other institutional investors have recently bought and sold shares of ZYME. Optiver Holding B.V. purchased a new position in Zymeworks during the third quarter valued at approximately $26,000. CWM LLC increased its holdings in shares of Zymeworks by 1,091.2% during the 1st quarter. CWM LLC now owns 2,299 shares of the company’s stock valued at $27,000 after purchasing an additional 2,106 shares in the last quarter. Quarry LP acquired a new position in shares of Zymeworks in the 3rd quarter valued at $50,000. Tower Research Capital LLC TRC boosted its holdings in Zymeworks by 29.6% during the second quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock worth $62,000 after buying an additional 1,131 shares in the last quarter. Finally, Northwest & Ethical Investments L.P. boosted its holdings in Zymeworks by 83.3% during the first quarter. Northwest & Ethical Investments L.P. now owns 10,030 shares of the company’s stock worth $119,000 after buying an additional 4,559 shares in the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

About Zymeworks

Zymeworks Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company’s lead product candidates include zanidatamab, a human epidermal growth factor receptor 2 (HER2) that is in Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.