Zymeworks (NASDAQ:ZYME) Earns Market Outperform Rating from Citizens Jmp

Zymeworks (NASDAQ:ZYME)‘s stock had its “market outperform” rating reissued by equities researchers at Citizens Jmp in a research report issued on Wednesday,Benzinga reports. They presently have a $32.00 target price on the stock. Citizens Jmp’s price objective indicates a potential upside of 16.49% from the stock’s current price.

A number of other equities analysts have also commented on ZYME. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Zymeworks in a research note on Friday, July 17th. Deutsche Bank Aktiengesellschaft set a $32.00 target price on shares of Zymeworks in a research report on Wednesday. Stifel Nicolaus set a $46.00 price target on shares of Zymeworks in a report on Friday, August 7th. Wells Fargo & Company upped their price objective on shares of Zymeworks from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Finally, B. Riley Financial reiterated a “buy” rating and set a $44.00 price objective (up from $40.00) on shares of Zymeworks in a research report on Monday, August 10th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $40.22.

Zymeworks Stock Down 4.5%

NASDAQ ZYME opened at $27.47 on Wednesday. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -13.60 and a beta of 1.15. Zymeworks has a twelve month low of $13.60 and a twelve month high of $30.50. The stock has a fifty day simple moving average of $24.60 and a 200 day simple moving average of $24.72.

Zymeworks (NASDAQ:ZYME) last announced its earnings results on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.06). The company had revenue of $3.23 million for the quarter, compared to analyst estimates of $4.54 million. Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.The firm’s quarterly revenue was down 90.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.03 earnings per share. Research analysts expect that Zymeworks will post 1.25 earnings per share for the current fiscal year.

Zymeworks declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 14th that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Zymeworks

Several large investors have recently modified their holdings of ZYME. AQR Capital Management LLC boosted its stake in Zymeworks by 86.0% during the first quarter. AQR Capital Management LLC now owns 48,485 shares of the company’s stock worth $577,000 after acquiring an additional 22,411 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Zymeworks by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company’s stock valued at $386,000 after purchasing an additional 1,427 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of Zymeworks by 487.0% during the first quarter. Jane Street Group LLC now owns 135,763 shares of the company’s stock valued at $1,617,000 after purchasing an additional 112,636 shares during the period. Creative Planning raised its holdings in shares of Zymeworks by 114.8% during the second quarter. Creative Planning now owns 25,389 shares of the company’s stock valued at $319,000 after purchasing an additional 13,567 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Zymeworks by 1,050.0% during the second quarter. JPMorgan Chase & Co. now owns 441,690 shares of the company’s stock valued at $5,543,000 after purchasing an additional 403,281 shares during the period. Institutional investors and hedge funds own 92.89% of the company’s stock.

About Zymeworks

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.