Wells Fargo & Company Forecasts Strong Price Appreciation for Zymeworks (NASDAQ:ZYME) Stock

Zymeworks (NASDAQ:ZYME) had its price objective lifted by research analysts at Wells Fargo & Company from $33.00 to $34.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 33.29% from the company’s current price.

ZYME has been the subject of a number of other reports. HC Wainwright lifted their target price on shares of Zymeworks from $32.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Stifel Nicolaus lifted their target price on shares of Zymeworks from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Tuesday, March 3rd. Leerink Partners lifted their target price on shares of Zymeworks from $52.00 to $58.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. Truist Financial upgraded shares of Zymeworks to a “strong-buy” rating in a research note on Monday, April 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Zymeworks in a research note on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Zymeworks has an average rating of “Moderate Buy” and a consensus target price of $38.00.

Zymeworks Price Performance

Zymeworks stock opened at $25.51 on Friday. The firm’s 50 day simple moving average is $25.62 and its 200-day simple moving average is $24.06. The company has a market cap of $1.88 billion, a P/E ratio of -23.57 and a beta of 1.20. Zymeworks has a fifty-two week low of $10.93 and a fifty-two week high of $29.75.

Zymeworks (NASDAQ:ZYME) last released its earnings results on Thursday, May 7th. The company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.49). The firm had revenue of $2.41 million during the quarter, compared to analysts’ expectations of $24.38 million. Zymeworks had a negative return on equity of 26.00% and a negative net margin of 76.56%.The business’s revenue was down 91.1% on a year-over-year basis. During the same period last year, the business earned ($0.30) earnings per share. On average, analysts expect that Zymeworks will post 0.97 EPS for the current fiscal year.

Institutional Trading of Zymeworks

A number of institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its stake in shares of Zymeworks by 10.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 8,507 shares of the company’s stock worth $221,000 after buying an additional 800 shares during the last quarter. Hillsdale Investment Management Inc. lifted its stake in shares of Zymeworks by 45.3% in the first quarter. Hillsdale Investment Management Inc. now owns 345,622 shares of the company’s stock worth $8,654,000 after buying an additional 107,700 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Zymeworks in the first quarter worth $1,967,000. Hsbc Holdings PLC lifted its stake in shares of Zymeworks by 111.4% in the first quarter. Hsbc Holdings PLC now owns 37,777 shares of the company’s stock worth $940,000 after buying an additional 19,909 shares during the last quarter. Finally, Strs Ohio lifted its stake in shares of Zymeworks by 13.2% in the first quarter. Strs Ohio now owns 30,100 shares of the company’s stock worth $754,000 after buying an additional 3,500 shares during the last quarter. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Zymeworks Company Profile

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.