Zymeworks Inc. (NASDAQ:ZYME) Given Consensus Rating of “Moderate Buy” by Brokerages

Zymeworks Inc. (NASDAQ:ZYME) has received an average recommendation of “Moderate Buy” from the eleven brokerages that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $40.00.

Several research analysts have recently weighed in on the company. Truist Financial upped their target price on Zymeworks from $31.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. HC Wainwright lifted their price target on shares of Zymeworks from $51.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, August 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Zymeworks in a report on Friday, July 17th. Wells Fargo & Company upped their price objective on shares of Zymeworks from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft set a $32.00 price objective on shares of Zymeworks in a report on Wednesday, August 26th.

Institutional Investors Weigh In On Zymeworks

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

Zymeworks Stock Up 0.9%

Shares of Zymeworks stock opened at $29.67 on Wednesday. The firm has a market cap of $2.11 billion, a PE ratio of -14.69 and a beta of 1.15. Zymeworks has a twelve month low of $13.60 and a twelve month high of $30.62. The business has a 50-day moving average price of $25.19 and a 200 day moving average price of $24.95.

Zymeworks (NASDAQ:ZYME) last issued its quarterly earnings results on Friday, August 7th. The company reported ($0.62) earnings per share (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 business had revenue of $3.23 million for the quarter, compared to analysts’ expectations of $4.54 million. During the same quarter in the prior year, the company posted $0.03 EPS. The business’s revenue for the quarter was down 90.6% compared to the same quarter last year. On average, sell-side analysts expect that Zymeworks will post 1.37 EPS for the current year.

Zymeworks declared that its board has authorized a stock repurchase program on Thursday, May 14th that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the company to reacquire up to 7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.