Zymeworks (NASDAQ:ZYME) Hits New 1-Year High – Time to Buy?

Zymeworks Inc. (NASDAQ:ZYME) hit a new 52-week high during trading on Wednesday . The stock traded as high as $30.80 and last traded at $30.4940, with a volume of 49163 shares traded. The stock had previously closed at $29.67.

Wall Street Analysts Forecast Growth

ZYME has been the topic of a number of recent research reports. Citizens Jmp reaffirmed a “market outperform” rating and issued a $32.00 target price on shares of Zymeworks in a research report on Wednesday, August 26th. Stifel Nicolaus set a $46.00 target price on Zymeworks in a research report on Friday, August 7th. HC Wainwright lifted their price objective on Zymeworks from $51.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, August 26th. Wells Fargo & Company upped their target price on shares of Zymeworks from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Finally, Citigroup reiterated a “market outperform” rating on shares of Zymeworks in a research note on Wednesday, August 26th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $40.00.

Zymeworks Trading Up 1.7%

The stock has a market cap of $2.14 billion, a P/E ratio of -14.95 and a beta of 1.15. The company has a 50-day moving average price of $25.19 and a two-hundred day moving average price of $24.95.

Zymeworks (NASDAQ:ZYME) last released its quarterly earnings results on Friday, August 7th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.06). Zymeworks had a negative return on equity of 72.30% and a negative net margin of 405.31%.The firm had revenue of $3.23 million for the quarter, compared to analysts’ expectations of $4.54 million. During the same period in the prior year, the firm posted $0.03 earnings per share. Zymeworks’s revenue for the quarter was down 90.6% on a year-over-year basis. As a group, equities analysts forecast that Zymeworks Inc. will post 1.37 earnings per share for the current fiscal year.

Zymeworks announced that its board has authorized a share repurchase program on Thursday, May 14th that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Zymeworks

A number of institutional investors have recently modified their holdings of ZYME. Nykredit A S bought a new stake in Zymeworks during the 2nd quarter valued at $25,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Zymeworks during the 4th quarter worth approximately $37,000. Quarry LP acquired a new position in shares of Zymeworks during the third quarter worth $50,000. Tower Research Capital LLC TRC raised its stake in Zymeworks by 29.6% in the second quarter. Tower Research Capital LLC TRC now owns 4,947 shares of the company’s stock valued at $62,000 after buying an additional 1,131 shares during the last quarter. Finally, State of Wyoming acquired a new stake in Zymeworks in the 2nd quarter worth approximately $73,000. 92.89% of the stock is owned by hedge funds and other 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.