HC Wainwright Forecasts Strong Price Appreciation for Zymeworks (NYSE:ZYME) Stock

Zymeworks (NYSE:ZYME) had its price objective upped by stock analysts at HC Wainwright from $26.00 to $32.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price objective indicates a potential upside of 33.89% from the stock’s current price.

A number of other equities analysts have also recently commented on ZYME. Citigroup lifted their price target on shares of Zymeworks from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. Wells Fargo & Company boosted their target price on Zymeworks from $15.00 to $17.00 and gave the company an “equal weight” rating in a research report on Friday, November 7th. Leerink Partners set a $37.00 target price on Zymeworks in a research note on Monday. B. Riley initiated coverage on Zymeworks in a research note on Friday, October 10th. They set a “buy” rating and a $30.00 price target for the company. Finally, JPMorgan Chase & Co. boosted their price objective on Zymeworks from $20.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.29.

Zymeworks Price Performance

NYSE:ZYME opened at $23.90 on Tuesday. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of -15.93 and a beta of 1.48. The business has a 50 day simple moving average of $17.57 and a 200-day simple moving average of $14.59. Zymeworks has a 1 year low of $9.03 and a 1 year high of $26.19.

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

Hedge Funds Weigh In On Zymeworks

Institutional investors have recently made changes to their positions in the company. EcoR1 Capital LLC raised its holdings in shares of Zymeworks by 33.1% in the second quarter. EcoR1 Capital LLC now owns 22,970,388 shares of the company’s stock valued at $288,278,000 after acquiring an additional 5,710,840 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Zymeworks by 184.2% during 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 valued at $46,210,000 after purchasing an additional 2,514,834 shares during the period. Millennium Management LLC raised its holdings in shares of Zymeworks by 851.6% in the 3rd quarter. Millennium Management LLC now owns 1,104,813 shares of the company’s stock valued at $18,870,000 after purchasing an additional 988,711 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Zymeworks by 169.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,326,774 shares of the company’s stock worth $22,661,000 after purchasing an additional 833,994 shares during the period. Finally, Vestal Point Capital LP boosted its stake in shares of Zymeworks by 130.0% during the second quarter. Vestal Point Capital LP now owns 1,150,000 shares of the company’s stock valued at $14,432,000 after purchasing an additional 650,000 shares in the last quarter. Hedge funds and other 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.