Citigroup Issues Positive Forecast for Zymeworks (NASDAQ:ZYME) Stock Price

Zymeworks (NASDAQ:ZYME) had its target price increased by Citigroup from $39.00 to $44.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts also recently weighed in on ZYME. Truist Financial boosted their price target on shares of Zymeworks from $35.00 to $36.00 and gave the stock a “buy” rating in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Zymeworks in a research note on Thursday, October 15th. Jefferies Financial Group reiterated a “buy” rating and issued a $52.00 price objective on shares of Zymeworks in a report on Friday, October 23rd. Citizens Jmp reissued a “market outperform” rating and issued a $32.00 target price on shares of Zymeworks in a research note on Wednesday, August 26th. Finally, Wells Fargo & Company increased their target price on Zymeworks from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Twelve research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Zymeworks presently has a consensus rating of “Moderate Buy” and an average target price of $42.67.

Zymeworks Price Performance

NASDAQ:ZYME opened at $29.07 on Wednesday. The business has a 50 day moving average of $27.48 and a 200 day moving average of $25.45. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 55.90 and a beta of 1.32. Zymeworks has a 1-year low of $18.20 and a 1-year high of $31.97.

Zymeworks (NASDAQ:ZYME) last issued its quarterly earnings results on Monday, November 9th. The company reported $2.28 EPS for the quarter, beating analysts’ consensus estimates of $2.27 by $0.01. Zymeworks had a net margin of 16.10% and a return on equity of 22.23%. The business had revenue of $512.92 million for the quarter, compared to analysts’ expectations of $227.40 million. During the same period last year, the business earned ($0.26) earnings per share. The business’s quarterly revenue was up 828.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Zymeworks will post 1.32 EPS for the current year.

Insider Activity

In related news, EVP Adam Schayowitz sold 13,832 shares of the firm’s stock in a transaction dated Friday, October 9th. The stock was sold at an average price of $25.85, for a total value of $357,557.20. Following the sale, the executive vice president directly owned 23,205 shares of the company’s stock, valued at $599,849.25. This trade represents a 37.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 37.73% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fisher Asset Management LLC increased its position in shares of Zymeworks by 759.9% during the third quarter. Fisher Asset Management LLC now owns 608,612 shares of the company’s stock valued at $16,122,000 after buying an additional 537,837 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Zymeworks by 104.7% in the third quarter. Russell Investments Group Ltd. now owns 97,994 shares of the company’s stock worth $2,596,000 after acquiring an additional 50,127 shares during the last quarter. Calamos Advisors LLC purchased a new stake in shares of Zymeworks in the third quarter worth $1,232,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Zymeworks during the third quarter valued at $96,000. Finally, ProShare Advisors LLC increased its holdings in shares of Zymeworks by 91.5% during the third quarter. ProShare Advisors LLC now owns 16,390 shares of the company’s stock valued at $434,000 after acquiring an additional 7,833 shares in the last quarter. Institutional investors own 92.89% of the company’s stock.

Top Zymeworks Stories

Here are a few of the latest stories about ZYME:

• Positive Sentiment: TD Cowen, Truist Financial and HC Wainwright also raised their targets and kept Buy ratings: to $39, $36 and $56, respectively. TD Cowen recommendations Truist recommendations HC Wainwright recommendations
• Positive Sentiment: The company reported third-quarter results and swung to a profit, supporting the improved earnings outlook. Third-quarter results
• Neutral Sentiment: The profit swing was attributed in part to a $250 million milestone payment from Jazz Pharmaceuticals; investors may weigh how much of the reported earnings improvement is recurring. Jazz milestone payment report

Zymeworks Company Profile

Zymeworks Inc. is a biotechnology company headquartered in Vancouver, Canada, that develops engineered medicines, with a focus on treatments for cancer and other serious diseases. Its antibody-engineering technologies are designed to create therapies that can engage multiple biological targets or modify immune responses. The company’s lead program is zanidatamab, a HER2-targeted bispecific antibody. In the United States, it is marketed by partner Jazz Pharmaceuticals as Ziihera for certain adults with previously treated, unresectable or metastatic biliary tract cancer.