Zymeworks (NYSE:ZYME) Given New $12.00 Price Target at Wells Fargo & Company

Zymeworks (NYSE:ZYME) had its price target decreased by equities researchers at Wells Fargo & Company from $14.00 to $12.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 30.43% from the stock’s current price.

Zymeworks Trading Up 2.2 %

Shares of ZYME stock traded up $0.20 during trading hours on Friday, reaching $9.20. The stock had a trading volume of 655,723 shares, compared to its average volume of 587,403. The stock’s fifty day simple moving average is $10.18 and its 200 day simple moving average is $9.68. The firm has a market capitalization of $649.24 million, a PE ratio of -5.29 and a beta of 1.16. Zymeworks has a 12 month low of $6.01 and a 12 month high of $13.14.

Zymeworks (NYSE:ZYME) last posted its quarterly earnings data on Wednesday, March 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.19. The company had revenue of $16.93 million during the quarter, compared to analyst estimates of $18.32 million. Zymeworks had a negative return on equity of 26.20% and a negative net margin of 156.12%. As a group, equities research analysts anticipate that Zymeworks will post -1.04 EPS for the current fiscal year.

Institutional Trading of Zymeworks

A number of hedge funds have recently bought and sold shares of ZYME. Wellington Management Group LLP raised its position in Zymeworks by 177.9% during the 3rd quarter. Wellington Management Group LLP now owns 156,682 shares of the company’s stock valued at $993,000 after purchasing an additional 100,304 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Zymeworks by 742.4% during the third quarter. Acadian Asset Management LLC now owns 825,988 shares of the company’s stock valued at $5,233,000 after buying an additional 727,934 shares during the period. Ritholtz Wealth Management bought a new stake in Zymeworks during the 4th quarter valued at approximately $329,000. Swiss National Bank grew its holdings in shares of Zymeworks by 11.2% during the 3rd quarter. Swiss National Bank now owns 77,600 shares of the company’s stock worth $492,000 after acquiring an additional 7,800 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in Zymeworks by 359.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 189,444 shares of the company’s stock worth $1,201,000 after purchasing an additional 148,212 shares in the last quarter. 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.