HC Wainwright Increases Zymeworks (NASDAQ:ZYME) Price Target to $55.00

Zymeworks (NASDAQ:ZYME) had its target price upped by stock analysts at HC Wainwright from $51.00 to $55.00 in a report released on Wednesday, Marketbeat reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 100.22% from the stock’s previous close.

Several other research firms have also weighed in on ZYME. B. Riley Financial reiterated a “buy” rating and set a $44.00 target price (up from $40.00) on shares of Zymeworks in a research note on Monday, August 10th. Truist Financial lifted their price target on shares of Zymeworks from $31.00 to $32.00 and gave the company a “buy” rating in a report on Friday, August 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Zymeworks in a research report on Friday, July 17th. Wells Fargo & Company increased their price objective on shares of Zymeworks from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Finally, Stifel Nicolaus set a $46.00 target price on shares of Zymeworks in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.22.

Zymeworks Stock Down 4.5%

Shares of NASDAQ ZYME opened at $27.47 on Wednesday. The stock’s 50 day moving average price is $24.60 and its two-hundred day moving average price is $24.72. Zymeworks has a 52-week low of $13.60 and a 52-week high of $30.50. The stock has a market capitalization of $1.95 billion, a P/E ratio of -13.60 and a beta of 1.15.

Zymeworks (NASDAQ:ZYME) last issued its quarterly earnings results on Friday, August 7th. The company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.06). The firm had revenue of $3.23 million during the quarter, compared to the consensus estimate of $4.54 million. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%. Zymeworks’s revenue was down 90.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 earnings per share. On average, analysts anticipate that Zymeworks will post 1.25 EPS for the current year.

Zymeworks announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 14th that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Zymeworks

Hedge funds and other institutional investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC raised its stake 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 buying an additional 420 shares in the last quarter. Tema ETFs LLC lifted its holdings in shares of Zymeworks by 0.7% in the second quarter. Tema ETFs LLC now owns 105,615 shares of the company’s stock valued at $2,761,000 after buying an additional 684 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Zymeworks by 10.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 8,507 shares of the company’s stock valued at $221,000 after buying an additional 800 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Zymeworks by 1.6% during the fourth quarter. Russell Investments Group Ltd. now owns 58,350 shares of the company’s stock valued at $1,536,000 after buying an additional 902 shares in the last quarter. Finally, Nykredit A S acquired a new position in Zymeworks during the second quarter worth about $25,000. 92.89% of the stock is currently owned by institutional investors and hedge funds.

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.