Zymeworks (NYSE:ZYME) Reaches New 1-Year High – Here’s Why

Zymeworks Inc. (NYSE:ZYME)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $20.17 and last traded at $19.8250, with a volume of 513974 shares traded. The stock had previously closed at $19.68.

Analyst Ratings Changes

A number of brokerages recently issued reports on ZYME. JPMorgan Chase & Co. increased their price objective on Zymeworks from $20.00 to $23.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. HC Wainwright restated a “buy” rating on shares of Zymeworks in a research note on Monday, October 27th. B. Riley began coverage on Zymeworks in a research report on Friday, October 10th. They set a “buy” rating and a $30.00 price target for the company. Wells Fargo & Company boosted their price objective on Zymeworks from $15.00 to $17.00 and gave the stock an “equal weight” rating in a report on Friday, November 7th. Finally, Citigroup raised their target price on shares of Zymeworks from $19.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, August 11th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Zymeworks presently has a consensus rating of “Moderate Buy” and an average price target of $24.67.

Zymeworks Trading Up 1.0%

The company has a market cap of $1.49 billion, a P/E ratio of -13.24 and a beta of 1.48. The company’s fifty day moving average is $17.13 and its 200 day moving average is $14.39.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.02. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%.The firm had revenue of $27.61 million for the quarter, compared to analysts’ expectations of $33.69 million. During the same period last year, the firm earned ($0.39) earnings per share. The company’s revenue for the quarter was up 72.6% compared to the same quarter last year. Analysts anticipate that Zymeworks Inc. will post -1.39 EPS for the current year.

Institutional Trading of Zymeworks

Hedge funds and other institutional investors have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in 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 acquiring an additional 2,514,834 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Zymeworks during the first quarter worth about $2,368,000. EcoR1 Capital LLC grew its stake in shares of Zymeworks by 14.8% in the first 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 last quarter. Vestal Point Capital LP grew its stake in shares of Zymeworks by 170.3% in the first quarter. Vestal Point Capital LP now owns 500,000 shares of the company’s stock worth $5,955,000 after purchasing an additional 315,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Zymeworks by 1.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 133,639 shares of the company’s stock valued at $1,592,000 after purchasing an additional 2,333 shares during the period. Institutional investors 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.