Zymeworks Inc. (NASDAQ:ZYME) Given Average Rating of “Moderate Buy” by Brokerages

Zymeworks Inc. (NASDAQ:ZYME) has received a consensus rating of “Moderate Buy” from the eleven research firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $37.3333.

ZYME has been the subject of several research reports. Citigroup reaffirmed a “buy” rating on shares of Zymeworks in a research note on Tuesday, June 30th. Truist Financial raised their target price on shares of Zymeworks from $28.00 to $31.00 and gave the company a “buy” rating in a report on Tuesday. HC Wainwright restated a “buy” rating and set a $46.00 target price on shares of Zymeworks in a research report on Wednesday, June 3rd. Wells Fargo & Company upped their price target on shares of Zymeworks from $34.00 to $37.00 and gave the company an “overweight” rating in a report on Tuesday, June 30th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Zymeworks in a research report on Monday, April 20th.

Zymeworks Stock Performance

ZYME stock traded up $1.05 during midday trading on Tuesday, hitting $26.38. 330,104 shares of the stock were exchanged, compared to its average volume of 710,840. The stock’s 50-day moving average price is $24.85 and its 200-day moving average price is $24.72. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of -19.27 and a beta of 1.13. Zymeworks has a fifty-two week low of $11.51 and a fifty-two week high of $29.75.

Zymeworks (NASDAQ:ZYME) last posted its earnings results on Tuesday, March 31st. The company reported ($0.59) earnings per share 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 during the quarter. Research analysts anticipate that Zymeworks will post 1.1 EPS for the current year.

Zymeworks declared that its Board of Directors has initiated a stock buyback program on Thursday, May 14th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the company to purchase up to 7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Zymeworks

A number of large investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd acquired a new position in shares of Zymeworks in the fourth quarter worth $37,000. Quarry LP acquired a new stake in shares of Zymeworks during the third quarter valued at $50,000. Tower Research Capital LLC TRC increased its position in Zymeworks by 29.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock worth $62,000 after purchasing an additional 1,131 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Zymeworks by 25.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,637 shares of the company’s stock worth $96,000 after purchasing an additional 731 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Zymeworks by 157.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 10,307 shares of the company’s stock valued at $129,000 after purchasing an additional 6,307 shares during the last quarter. 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.