Zymeworks (NASDAQ:ZYME) Stock Price Down 5.8% – Here’s Why

Zymeworks Inc. (NASDAQ:ZYME)’s share price traded down 5.8% during trading on Monday . The company traded as low as $25.06 and last traded at $24.7820. Approximately 54,788 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 709,559 shares. The stock had previously closed at $26.31.

Analysts Set New Price Targets

Several analysts have weighed in on ZYME shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Zymeworks in a research report on Monday, April 20th. Citigroup restated a “buy” rating on shares of Zymeworks in a report on Tuesday, June 30th. Wells Fargo & Company lifted their target price on shares of Zymeworks from $34.00 to $37.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 30th. Truist Financial set a $28.00 price target on shares of Zymeworks and gave the company a “buy” rating in a report on Tuesday, June 9th. Finally, HC Wainwright reissued a “buy” rating and set a $46.00 price target on shares of Zymeworks in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Zymeworks presently has an average rating of “Moderate Buy” and an average price target of $37.00.

Zymeworks Price Performance

The stock’s 50 day simple moving average is $24.89 and its two-hundred day simple moving average is $24.72. The firm has a market cap of $1.86 billion, a P/E ratio of -18.57 and a beta of 1.13.

Zymeworks (NASDAQ:ZYME) last issued its quarterly earnings results on Tuesday, March 31st. The company reported ($0.59) EPS for the quarter. The company had revenue of $2.41 million during the quarter. Zymeworks had a negative return on equity of 37.97% and a negative net margin of 126.92%. Equities research analysts anticipate that Zymeworks Inc. will post 1.1 earnings per share for the current year.

Zymeworks declared that its board has authorized a share buyback plan on Thursday, May 14th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the company to reacquire up to 7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Zymeworks

Hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its holdings in shares of Zymeworks by 86.0% during the first quarter. AQR Capital Management LLC now owns 48,485 shares of the company’s stock valued at $577,000 after acquiring an additional 22,411 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Zymeworks by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,385 shares of the company’s stock valued at $386,000 after purchasing an additional 1,427 shares during the last quarter. Jane Street Group LLC grew its position in Zymeworks by 487.0% during the 1st quarter. Jane Street Group LLC now owns 135,763 shares of the company’s stock valued at $1,617,000 after purchasing an additional 112,636 shares during the last quarter. Creative Planning grew its position in Zymeworks by 114.8% during the 2nd quarter. Creative Planning now owns 25,389 shares of the company’s stock valued at $319,000 after purchasing an additional 13,567 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Zymeworks by 1,050.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 441,690 shares of the company’s stock valued at $5,543,000 after purchasing an additional 403,281 shares in the last quarter. 92.89% of the stock is owned by institutional investors.

About Zymeworks

Zymeworks Inc is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of next-generation multifunctional biotherapeutics. The company specializes in engineered antibody and protein therapeutics designed to address a range of unmet medical needs in oncology and other serious diseases. Through its proprietary platforms, Zymeworks aims to create novel bispecific and multispecific molecules that can simultaneously engage multiple targets and recruit immune effector functions to enhance potency and specificity.

At the core of Zymeworks’ innovation is its Azymetric™ bispecific antibody platform, which enables the design of asymmetrical bispecific antibodies with controlled assembly and high stability.