Wells Fargo & Company Issues Positive Forecast for Zymeworks (NYSE:ZYME) Stock Price

Zymeworks (NYSE:ZYME) had its target price boosted by investment analysts at Wells Fargo & Company from $12.00 to $14.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 9.37% from the stock’s current price.

Several other brokerages have also recently issued reports on ZYME. HC Wainwright reaffirmed a “neutral” rating and issued a $12.00 target price on shares of Zymeworks in a report on Friday, November 22nd. Citigroup lifted their price objective on shares of Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $10.00 to $25.00 in a research report on Thursday, November 7th. Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. upgraded Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price target on the stock in a report on Monday. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Zymeworks has an average rating of “Moderate Buy” and an average target price of $19.17.

Zymeworks Price Performance

Shares of NYSE:ZYME traded up $0.06 during trading on Thursday, hitting $12.80. The company’s stock had a trading volume of 3,845 shares, compared to its average volume of 605,816. The company has a 50-day moving average of $14.16 and a 200-day moving average of $11.79. The firm has a market cap of $881.64 million, a price-to-earnings ratio of -8.53 and a beta of 1.12. Zymeworks has a 12 month low of $7.97 and a 12 month high of $17.70.

Zymeworks (NYSE:ZYME) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. The firm had revenue of $16.00 million for the quarter, compared to analysts’ expectations of $17.90 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.41) EPS. As a group, research analysts anticipate that Zymeworks will post -1.43 earnings per share for the current year.

Hedge Funds Weigh In On Zymeworks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ZYME. Bank of New York Mellon Corp boosted its holdings in shares of Zymeworks by 5.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 309,703 shares of the company’s stock valued at $2,636,000 after acquiring an additional 14,825 shares during the last quarter. Principal Financial Group Inc. boosted its position in Zymeworks by 18.0% during the second quarter. Principal Financial Group Inc. now owns 30,642 shares of the company’s stock worth $261,000 after purchasing an additional 4,671 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Zymeworks by 1.2% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,930,887 shares of the company’s stock valued at $16,431,000 after acquiring an additional 23,173 shares during the period. Rhumbline Advisers grew its position in shares of Zymeworks by 9.0% in the second quarter. Rhumbline Advisers now owns 86,912 shares of the company’s stock valued at $740,000 after purchasing an additional 7,210 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of Zymeworks by 23.5% during the second quarter. Victory Capital Management Inc. now owns 58,300 shares of the company’s stock valued at $496,000 after acquiring an additional 11,100 shares during the last quarter. Hedge funds and other institutional investors own 92.89% of the company’s stock.

About Zymeworks

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.