Zymeworks (NASDAQ:ZYME) Stock Jumps 4.4% – Should You Buy?

Zymeworks Inc. (NASDAQ:ZYME) shot up 4.4% on Wednesday. The company traded as high as $26.85 and last traded at $26.78. Approximately 184,171 shares changed hands during trading, a decline of 74% from the average session volume of 698,448 shares. The stock had previously closed at $25.65.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ZYME shares. Citigroup reaffirmed a “buy” rating and issued a $39.00 target price (up from $38.00) on shares of Zymeworks in a research note on Tuesday, September 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Zymeworks in a report on Friday, July 17th. HC Wainwright increased their target price on shares of Zymeworks from $51.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, August 26th. B. Riley Financial reiterated a “buy” rating and issued a $44.00 target price (up from $40.00) on shares of Zymeworks in a research report on Monday, August 10th. Finally, Stifel Nicolaus set a $46.00 price target on shares of Zymeworks in a research note on Friday, August 7th. Eleven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $40.64.

Zymeworks Stock Up 4.5%

The stock’s fifty day moving average price is $26.42 and its two-hundred day moving average price is $25.56. The company has a market capitalization of $1.90 billion, a PE ratio of -13.29 and a beta of 1.17.

Zymeworks (NASDAQ:ZYME) last announced its quarterly earnings results on Friday, August 7th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.06). The business had revenue of $3.23 million for the quarter, compared to analysts’ expectations of $4.54 million. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. The firm’s revenue for the quarter was down 90.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.03 EPS. On average, equities research analysts forecast that Zymeworks Inc. will post 1.2 EPS for the current year.

Hedge Funds Weigh In On Zymeworks

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Nykredit A S purchased a new stake in Zymeworks in the second quarter worth $25,000. Caitong International Asset Management Co. Ltd purchased a new position in Zymeworks during the 4th quarter valued at $37,000. State of Wyoming bought a new position in Zymeworks in the 2nd quarter worth $73,000. Allspring Global Investments Holdings LLC raised its holdings in Zymeworks by 10.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,507 shares of the company’s stock worth $221,000 after purchasing an additional 800 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of Zymeworks by 3.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,487 shares of the company’s stock worth $288,000 after purchasing an additional 420 shares during the period. Institutional investors own 92.89% of the company’s stock.

About Zymeworks

Zymeworks Inc (NASDAQ: ZYME) is a biopharmaceutical company focused on discovering, developing and commercializing engineered antibody-based therapeutics for cancer and other serious diseases. The company’s technologies are designed to create bispecific and multispecific antibodies, as well as antibody-drug conjugates that can target tumor cells and deliver therapeutic payloads.

Zymeworks’ leading product is zanidatamab, marketed in the United States as Ziihera. The bispecific antibody targets two separate sites on the HER2 protein and received U.S.