Brokerages Set Zymeworks Inc. (NASDAQ:ZYME) PT at $38.00

Shares of Zymeworks Inc. (NASDAQ:ZYME) have received a consensus rating of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $38.00.

ZYME has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Zymeworks in a research report on Monday, April 20th. HC Wainwright boosted their price target on Zymeworks from $32.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Truist Financial raised Zymeworks to a “strong-buy” rating in a research report on Monday, April 27th. Wells Fargo & Company boosted their price target on Zymeworks from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Finally, Stifel Nicolaus boosted their price target on Zymeworks from $40.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd.

Institutional Trading of Zymeworks

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Rubric Capital Management LP lifted its position in shares of Zymeworks by 21.7% in the first quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock worth $175,280,000 after buying an additional 1,250,000 shares during the last quarter. Perceptive Advisors LLC lifted its position in shares of Zymeworks by 56.0% during the 4th quarter. Perceptive Advisors LLC now owns 3,261,850 shares of the company’s stock worth $85,885,000 after purchasing an additional 1,171,187 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Zymeworks by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 2,328,727 shares of the company’s stock worth $61,315,000 after purchasing an additional 174,293 shares during the last quarter. Vestal Point Capital LP lifted its position in shares of Zymeworks by 53.5% during the 3rd quarter. Vestal Point Capital LP now owns 1,765,000 shares of the company’s stock worth $30,146,000 after purchasing an additional 615,000 shares during the last quarter. Finally, Siren L.L.C. acquired a new position in shares of Zymeworks during the 4th quarter worth about $44,238,000. Institutional investors and hedge funds own 92.89% of the company’s stock.

Zymeworks Trading Up 2.0%

ZYME opened at $25.61 on Monday. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of -18.69 and a beta of 1.20. Zymeworks has a 1 year low of $11.02 and a 1 year high of $29.75. The stock has a fifty day moving average price of $25.63 and a 200 day moving average price of $24.48.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings data on Tuesday, March 31st. The company reported ($0.59) earnings per share (EPS) for the quarter. Zymeworks had a negative net margin of 126.92% and a negative return on equity of 37.97%. The firm had revenue of $2.41 million for the quarter. As a group, sell-side analysts forecast that Zymeworks will post 1.64 earnings per share for the current fiscal year.

Zymeworks announced that its Board of Directors has authorized a share repurchase program on Thursday, May 14th that authorizes the company to repurchase $125.00 million in shares. This repurchase authorization authorizes the company to buy up to 7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

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.