Zymeworks (NYSE:ZYME) Hits New 1-Year High – Time to Buy?

Zymeworks Inc. (NYSE:ZYME) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $26.21 and last traded at $26.18, with a volume of 1637555 shares changing hands. The stock had previously closed at $24.99.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Zymeworks from $20.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Citigroup raised their price target on Zymeworks from $19.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, August 11th. HC Wainwright upped their price objective on Zymeworks from $26.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, November 18th. B. Riley reissued a “buy” rating and issued a $40.00 target price (up previously from $30.00) on shares of Zymeworks in a research note on Friday. Finally, Wells Fargo & Company raised their price target on shares of Zymeworks from $17.00 to $25.00 and gave the stock a “cautious” rating in a research note on Wednesday, November 19th. Eight research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $31.13.

Zymeworks Trading Up 4.8%

The business has a 50 day simple moving average of $18.37 and a 200-day simple moving average of $15.00. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of -17.45 and a beta of 1.48.

Zymeworks (NYSE:ZYME) last released its earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) 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 business had revenue of $27.61 million for the quarter, compared to analysts’ expectations of $33.69 million. During the same period last year, the company earned ($0.39) earnings per share. The company’s quarterly revenue was up 72.6% on a year-over-year basis. Research analysts predict that Zymeworks Inc. will post -1.39 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Optiver Holding B.V. acquired a new stake in Zymeworks during the 3rd quarter worth approximately $26,000. CWM LLC lifted its stake in shares of Zymeworks by 1,091.2% in the first quarter. CWM LLC now owns 2,299 shares of the company’s stock worth $27,000 after acquiring an additional 2,106 shares in the last quarter. Quarry LP purchased a new stake in Zymeworks during the 3rd quarter worth approximately $50,000. Tower Research Capital LLC TRC raised its position in shares of Zymeworks by 29.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock valued at $62,000 after purchasing an additional 1,131 shares in the last quarter. Finally, Northwest & Ethical Investments L.P. boosted its stake in shares of Zymeworks by 83.3% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 10,030 shares of the company’s stock valued at $119,000 after buying an additional 4,559 shares during the last quarter. Institutional investors and hedge funds own 92.89% of the company’s stock.

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.