Zymeworks Inc. (NYSE:ZYME) Receives Average Recommendation of “Moderate Buy” from Analysts

Posted by Defense World Staff on Apr 26th, 2023

Shares of Zymeworks Inc. (NYSE:ZYME – Get Rating) have been given an average rating of “Moderate Buy” by the ten analysts that are covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $12.22.

A number of brokerages have issued reports on ZYME. Citigroup cut their price target on shares of Zymeworks from $21.00 to $17.00 in a research note on Friday, March 10th. Wells Fargo & Company restated an “overweight” rating and issued a $12.00 target price on shares of Zymeworks in a research note on Tuesday, March 21st. SVB Leerink boosted their price target on Zymeworks from $8.00 to $10.00 and gave the company a “market perform” rating in a research note on Friday, January 20th. JPMorgan Chase & Co. increased their price target on shares of Zymeworks from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Friday, March 31st. Finally, TheStreet raised Zymeworks from a “d” rating to a “c” rating in a research report on Thursday, March 30th.

Zymeworks Price Performance

Shares of ZYME stock opened at $9.07 on Wednesday. The stock’s fifty day moving average price is $8.80 and its 200 day moving average price is $8.16. Zymeworks has a 1-year low of $4.11 and a 1-year high of $10.80. The company has a market cap of $580.84 million, a price-to-earnings ratio of 5.12 and a beta of 0.96.

Zymeworks (NYSE:ZYME – Get Rating) last issued its quarterly earnings results on Tuesday, March 7th. The company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.62 by $0.03. The business had revenue of $402.49 million for the quarter, compared to analyst estimates of $371.36 million. Zymeworks had a return on equity of 49.27% and a net margin of 30.15%. As a group, equities research analysts anticipate that Zymeworks will post -2.31 earnings per share for the current year.

Insider Activity

In other Zymeworks news, major shareholder Ecor1 Capital, Llc bought 200,000 shares of the firm’s stock in a transaction dated Tuesday, March 28th. The shares were purchased at an average price of $8.00 per share, for a total transaction of $1,600,000.00. Following the transaction, the insider now directly owns 10,087,473 shares of the company’s stock, valued at approximately $80,699,784. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.63% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. increased its stake in Zymeworks by 2.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 57,827 shares of the company’s stock worth $523,000 after buying an additional 1,379 shares in the last quarter. Quantbot Technologies LP raised its stake in Zymeworks by 58.9% in the 2nd quarter. Quantbot Technologies LP now owns 10,300 shares of the company’s stock valued at $54,000 after purchasing an additional 3,818 shares during the last quarter. Bank of Montreal Can lifted its holdings in Zymeworks by 19.8% in the 1st quarter. Bank of Montreal Can now owns 24,872 shares of the company’s stock valued at $167,000 after purchasing an additional 4,103 shares in the last quarter. Raymond James & Associates boosted its stake in Zymeworks by 2.7% during the 3rd quarter. Raymond James & Associates now owns 165,933 shares of the company’s stock worth $1,020,000 after purchasing an additional 4,286 shares during the last quarter. Finally, First Republic Investment Management Inc. grew its holdings in shares of Zymeworks by 50.0% during the second quarter. First Republic Investment Management Inc. now owns 15,000 shares of the company’s stock worth $80,000 after buying an additional 5,000 shares in the last quarter. 88.28% of the stock is owned by hedge funds and other institutional investors.

About Zymeworks

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Zymeworks, Inc is a biopharmaceutical company, which engages in the discovery, development, and commercialization of novel, multifunctional biotherapeutics. Its product includes Zanidatamab, which is a novel bispecific antibody that targets two distinct domains of the human epidermal growth factor receptor 2 (HER2).