Zymeworks Inc. (NASDAQ:ZYME) Receives $36.67 Consensus Price Target from Brokerages

Zymeworks Inc. (NASDAQ:ZYME) has been assigned a consensus rating of “Moderate Buy” from the eleven brokerages that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $36.6667.

Several research analysts have commented on ZYME shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Zymeworks in a research report on Monday, April 20th. Leerink Partners lifted their price target on Zymeworks from $52.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 3rd. Truist Financial set a $28.00 price target on Zymeworks and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Wells Fargo & Company lifted 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, HC Wainwright reiterated a “buy” rating and issued a $46.00 target price on shares of Zymeworks in a research note on Wednesday, June 3rd.

Hedge Funds Weigh In On Zymeworks

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Siren L.L.C. acquired a new position in shares of Zymeworks in the fourth quarter worth $44,238,000. Rubric Capital Management LP raised its holdings 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 acquiring an additional 1,250,000 shares during the last quarter. Perceptive Advisors LLC raised its holdings in shares of Zymeworks by 56.0% in the fourth quarter. Perceptive Advisors LLC now owns 3,261,850 shares of the company’s stock worth $85,885,000 after acquiring an additional 1,171,187 shares during the last quarter. Capricorn Fund Managers Ltd acquired a new position in shares of Zymeworks in the fourth quarter worth $26,931,000. Finally, Millennium Management LLC raised its holdings in shares of Zymeworks by 851.6% in the third quarter. Millennium Management LLC now owns 1,104,813 shares of the company’s stock worth $18,870,000 after acquiring an additional 988,711 shares during the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

Zymeworks Stock Down 3.3%

ZYME opened at $22.49 on Friday. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of -16.42 and a beta of 1.15. Zymeworks has a 52 week low of $11.51 and a 52 week high of $29.75. The business’s 50 day moving average is $25.60 and its two-hundred day moving average is $24.87.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings results on Tuesday, March 31st. The company reported ($0.59) EPS for the quarter. The firm had revenue of $2.41 million for the quarter. Zymeworks had a negative return on equity of 37.97% and a negative net margin of 126.92%. Equities analysts expect that Zymeworks will post 1.1 EPS for the current fiscal year.

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

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.