Zymeworks (NYSE:ZYME – Free Report) had its target price trimmed by Citigroup from $17.00 to $16.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a buy rating on the stock.
Separately, Wells Fargo & Company reduced their target price on shares of Zymeworks from $14.00 to $12.00 and set an overweight rating for the company in a report on Friday.
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Zymeworks Trading Up 2.2 %
Zymeworks (NYSE:ZYME – Get Free Report) 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 business had revenue of $16.93 million during the quarter, compared to analysts’ expectations of $18.32 million. Zymeworks had a negative net margin of 249.63% and a negative return on equity of 28.24%. As a group, equities research analysts expect that Zymeworks will post -1.04 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Zymeworks
Large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in Zymeworks by 177.9% in the third quarter. Wellington Management Group LLP now owns 156,682 shares of the company’s stock valued at $993,000 after acquiring an additional 100,304 shares during the period. Acadian Asset Management LLC boosted its holdings in 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 purchasing an additional 727,934 shares in the last quarter. Ritholtz Wealth Management bought a new stake in shares of Zymeworks in the 4th quarter valued at approximately $329,000. Swiss National Bank raised its holdings in shares of Zymeworks by 11.2% in the 3rd quarter. Swiss National Bank now owns 77,600 shares of the company’s stock worth $492,000 after buying an additional 7,800 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Zymeworks by 359.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 189,444 shares of the company’s stock worth $1,201,000 after buying an additional 148,212 shares during the period. Institutional investors and hedge funds 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.
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