Zymeworks (NYSE:ZYME) Stock Price Up 5.7%

Shares of Zymeworks Inc. (NYSE:ZYME) rose 5.7% during mid-day trading on Tuesday . The company traded as high as $9.48 and last traded at $9.48. Approximately 169,970 shares changed hands during trading, a decline of 72% from the average daily volume of 606,998 shares. The stock had previously closed at $8.97.

Wall Street Analysts Forecast Growth

ZYME has been the subject of a number of research analyst reports. Citigroup decreased their price target on Zymeworks from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. HC Wainwright reissued a “neutral” rating and set a $10.00 price target on shares of Zymeworks in a research note on Thursday, June 6th. Finally, Wells Fargo & Company decreased their price target on Zymeworks from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd.

Zymeworks Stock Performance

The firm has a fifty day simple moving average of $8.93 and a 200 day simple moving average of $10.01. The company has a market capitalization of $675.28 million, a PE ratio of -5.40 and a beta of 1.19.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.11). Zymeworks had a negative net margin of 249.63% and a negative return on equity of 28.37%. The company had revenue of $10.03 million during the quarter, compared to analysts’ expectations of $17.98 million. Research analysts expect that Zymeworks Inc. will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. AlphaMark Advisors LLC purchased a new position in Zymeworks during the 1st quarter worth $32,000. Gladius Capital Management LP lifted its position in Zymeworks by 36.5% during the 3rd quarter. Gladius Capital Management LP now owns 3,940 shares of the company’s stock worth $25,000 after acquiring an additional 1,053 shares during the period. New York State Teachers Retirement System acquired a new stake in Zymeworks during the 4th quarter worth about $50,000. AJOVista LLC acquired a new stake in Zymeworks during the 4th quarter worth about $66,000. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in Zymeworks during the 4th quarter worth about $84,000. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

Zymeworks Company Profile

Zymeworks Inc, a clinical-stage biopharmaceutical company, discovers, develops, and commercializes biotherapeutics for the treatment of cancer. The company's lead product candidates include zanidatamab, a human epidermal growth factor receptor 2 (HER2) that is in Phase 1, Phase 2, and Phase 3 clinical trials, including certain ongoing pivotal clinical trials; and zanidatamab zovodotin, a HER2 -targeted antibody-drug conjugate that is in Phase 2 clinical trial for the treatment of advanced or metastatic HER2-expressing tumors.