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

Zymeworks (NYSE:ZYME) had its price target boosted by equities researchers at Wells Fargo & Company from $15.00 to $17.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 3.28% from the company’s current price.

Several other research analysts have also commented on the stock. B. Riley started coverage on shares of Zymeworks in a report on Friday, October 10th. They issued a “buy” rating and a $30.00 price target for the company. HC Wainwright reissued a “buy” rating on shares of Zymeworks in a report on Monday, October 27th. JPMorgan Chase & Co. boosted their target price on Zymeworks from $20.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Finally, Citigroup upped their price target on shares of Zymeworks from $19.00 to $22.00 and gave the company a “buy” rating in a report on Monday, August 11th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.67.

Zymeworks Trading Down 8.0%

NYSE ZYME traded down $1.44 during trading hours on Friday, reaching $16.46. 1,481,623 shares of the company traded hands, compared to its average volume of 578,295. The stock has a market capitalization of $1.24 billion, a PE ratio of -10.97 and a beta of 1.48. Zymeworks has a 12 month low of $9.03 and a 12 month high of $19.98. The company has a 50 day moving average of $16.92 and a two-hundred day moving average of $14.24.

Zymeworks (NYSE:ZYME) last released its earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.02. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The company had revenue of $27.61 million during the quarter, compared to the consensus estimate of $33.69 million. During the same quarter in the previous year, the firm earned ($0.39) EPS. The company’s revenue was up 72.6% on a year-over-year basis. On average, equities research analysts anticipate that Zymeworks will post -1.39 earnings per share for the current year.

Institutional Investors Weigh In On Zymeworks

Several hedge funds have recently bought and sold shares of ZYME. Federated Hermes Inc. increased its holdings in shares of Zymeworks by 0.3% in the 3rd quarter. Federated Hermes Inc. now owns 182,847 shares of the company’s stock valued at $3,123,000 after purchasing an additional 577 shares during the period. Tower Research Capital LLC TRC increased its holdings in Zymeworks by 29.6% in the second quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock worth $62,000 after buying an additional 1,131 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Zymeworks by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company’s stock worth $386,000 after acquiring an additional 1,427 shares in the last quarter. Picton Mahoney Asset Management grew its position in Zymeworks by 0.7% in the first quarter. Picton Mahoney Asset Management now owns 208,029 shares of the company’s stock worth $2,477,000 after acquiring an additional 1,460 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Zymeworks by 6.7% during the 2nd quarter. Bank of Montreal Can now owns 27,642 shares of the company’s stock worth $347,000 after purchasing an additional 1,730 shares during the last quarter. 92.89% of the stock is owned by hedge funds and other institutional investors.

About Zymeworks

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.