Zymeworks (NASDAQ:ZYME) Announces Quarterly Earnings Results

Zymeworks (NASDAQ:ZYME) released its earnings results on Monday. The company reported $2.28 EPS for the quarter, beating the consensus estimate of $2.27 by $0.01, FiscalAI reports. The firm had revenue of $512.92 million for the quarter, compared to analyst estimates of $227.40 million. Zymeworks had a negative net margin of 405.31% and a negative return on equity of 72.30%.

Zymeworks Price Performance

NASDAQ:ZYME traded up $1.18 during trading hours on Monday, hitting $30.81. The company’s stock had a trading volume of 1,108,276 shares, compared to its average volume of 779,299. Zymeworks has a twelve month low of $16.57 and a twelve month high of $31.49. The stock has a fifty day simple moving average of $27.40 and a 200-day simple moving average of $25.34. The company has a market capitalization of $2.17 billion, a P/E ratio of -15.25 and a beta of 1.32.

Insider Buying and Selling

In other Zymeworks news, EVP Adam Schayowitz sold 13,832 shares of the business’s stock in a transaction dated Friday, October 9th. The stock was sold at an average price of $25.85, for a total transaction of $357,557.20. Following the completion of the transaction, the executive vice president owned 23,205 shares of the company’s stock, valued at approximately $599,849.25. The trade was a 37.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 37.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ZYME. Deutsche Bank Aktiengesellschaft set a $32.00 price target on shares of Zymeworks in a report on Wednesday, August 26th. HC Wainwright lifted their price objective 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. Stifel Nicolaus set a $46.00 price objective on shares of Zymeworks in a research note on Friday, August 7th. B. Riley Financial restated a “buy” rating and set a $44.00 price objective (up from $40.00) on shares of Zymeworks in a research report on Monday, August 10th. Finally, Wolfe Research began coverage on Zymeworks in a research note on Thursday, September 17th. They set an “outperform” rating for the company. Twelve investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $41.67.

About Zymeworks

Zymeworks Inc is a biotechnology company headquartered in Vancouver, Canada, that develops engineered medicines, with a focus on treatments for cancer and other serious diseases. Its antibody-engineering technologies are designed to create therapies that can engage multiple biological targets or modify immune responses.

The company’s lead program is zanidatamab, a HER2-targeted bispecific antibody. In the United States, it is marketed by partner Jazz Pharmaceuticals as Ziihera for certain adults with previously treated, unresectable or metastatic biliary tract cancer.