Zymeworks (NYSE:ZYME) Shares Gap Down – What’s Next?

Zymeworks Inc. (NYSE:ZYME) gapped down prior to trading on Tuesday . The stock had previously closed at $14.81, but opened at $13.91. Zymeworks shares last traded at $14.64, with a volume of 88,616 shares changing hands.

Analyst Ratings Changes

A number of research firms have commented on ZYME. TD Cowen assumed coverage on shares of Zymeworks in a research report on Tuesday, May 20th. They issued a “buy” rating on the stock. TD Securities began coverage on shares of Zymeworks in a research note on Tuesday, May 20th. They set a “buy” rating on the stock. HC Wainwright restated a “neutral” rating and set a $13.00 target price on shares of Zymeworks in a research note on Thursday, July 3rd. Finally, Citigroup upped their target price on shares of Zymeworks from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.43.

Zymeworks Stock Down 4.7%

The stock has a fifty day moving average of $13.50 and a 200-day moving average of $12.65. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -9.41 and a beta of 1.26.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.55. The firm had revenue of $48.73 million during the quarter, compared to the consensus estimate of $17.18 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%.The firm’s quarterly revenue was up 153.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.49) earnings per share. On average, equities analysts forecast that Zymeworks Inc. will post -1.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Zymeworks

Several large investors have recently modified their holdings of ZYME. Raymond James Financial Inc. acquired a new stake in shares of Zymeworks in the fourth quarter valued at approximately $888,000. Dimensional Fund Advisors LP lifted its holdings in shares of Zymeworks by 14.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 972,742 shares of the company’s stock worth $14,240,000 after purchasing an additional 123,240 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of Zymeworks by 6.4% during the fourth quarter. MetLife Investment Management LLC now owns 33,946 shares of the company’s stock worth $497,000 after purchasing an additional 2,053 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Zymeworks by 343.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 9,704 shares of the company’s stock worth $142,000 after purchasing an additional 7,518 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Zymeworks by 17.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 21,583 shares of the company’s stock worth $316,000 after purchasing an additional 3,235 shares during the period. 92.89% of the stock is owned by institutional investors and hedge funds.

Zymeworks Company Profile

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.