TD Cowen Initiates Coverage on Zymeworks (NYSE:ZYME)

Equities research analysts at TD Cowen began coverage on shares of Zymeworks (NYSE:ZYME) in a report released on Tuesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating on the stock.

Other research analysts also recently issued reports about the company. HC Wainwright upped their target price on Zymeworks from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, March 10th. Citigroup increased their price objective on Zymeworks from $18.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, March 7th. Finally, Lifesci Capital assumed coverage on Zymeworks in a research note on Tuesday, March 11th. They issued an “outperform” rating and a $30.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $21.00.

Zymeworks Price Performance

ZYME stock opened at $11.82 on Tuesday. The business has a 50-day moving average price of $11.81 and a 200 day moving average price of $13.37. The company has a market capitalization of $822.40 million, a P/E ratio of -7.88 and a beta of 1.24. Zymeworks has a 1-year low of $8.21 and a 1-year high of $17.70.

Zymeworks (NYSE:ZYME) last issued its earnings results on Thursday, May 8th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.15. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The firm had revenue of $27.11 million for the quarter, compared to analyst estimates of $20.65 million. During the same quarter in the prior year, the firm earned ($0.42) earnings per share. Zymeworks’s revenue for the quarter was up 170.3% on a year-over-year basis. On average, analysts anticipate that Zymeworks will post -1.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Zymeworks

In related news, Director Ecor1 Capital, Llc acquired 5,919 shares of Zymeworks stock in a transaction dated Monday, May 19th. The shares were acquired at an average cost of $11.78 per share, for a total transaction of $69,725.82. Following the completion of the transaction, the director now directly owns 17,883,908 shares of the company’s stock, valued at $210,672,436.24. The trade was a 0.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have bought 1,405,768 shares of company stock valued at $16,773,032. Insiders own 1.92% of the company’s stock.

Hedge Funds Weigh In On Zymeworks

Several large investors have recently added to or reduced their stakes in ZYME. EcoR1 Capital LLC raised its holdings in shares of Zymeworks by 14.8% in the 1st quarter. EcoR1 Capital LLC now owns 17,259,548 shares of the company’s stock worth $205,561,000 after purchasing an additional 2,231,469 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Zymeworks by 184.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,879,945 shares of the company’s stock worth $46,210,000 after purchasing an additional 2,514,834 shares during the period. Deutsche Bank AG raised its holdings in shares of Zymeworks by 0.4% in the 1st quarter. Deutsche Bank AG now owns 1,552,612 shares of the company’s stock worth $18,492,000 after purchasing an additional 5,840 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Zymeworks by 14.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 972,742 shares of the company’s stock worth $14,240,000 after purchasing an additional 123,240 shares during the period. Finally, Bridgeway Capital Management LLC raised its holdings in shares of Zymeworks by 1.0% in the 1st quarter. Bridgeway Capital Management LLC now owns 766,944 shares of the company’s stock worth $9,134,000 after purchasing an additional 7,291 shares during the period. 92.89% of the stock is currently 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.