Citigroup Raises Zymeworks (NYSE:ZYME) Price Target to $22.00

Zymeworks (NYSE:ZYME) had its target price increased by Citigroup from $19.00 to $22.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 68.97% from the stock’s previous close.

ZYME has been the topic of a number of other research reports. HC Wainwright reiterated a “neutral” rating and set a $13.00 price objective on shares of Zymeworks in a research report on Thursday, July 3rd. TD Cowen assumed coverage on shares of Zymeworks in a research note on Tuesday, May 20th. They set a “buy” rating for the company. Finally, TD Securities assumed coverage on shares of Zymeworks in a report on Tuesday, May 20th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $21.43.

Zymeworks Stock Up 4.7%

ZYME stock opened at $13.02 on Monday. Zymeworks has a 52 week low of $9.03 and a 52 week high of $17.70. The firm has a market capitalization of $907.27 million, a P/E ratio of -8.68 and a beta of 1.26. The company has a fifty day simple moving average of $12.95 and a two-hundred day simple moving average of $12.66.

Zymeworks (NYSE:ZYME) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.52) by $0.55. The company had revenue of $48.73 million during the quarter, compared to analyst estimates of $17.18 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The firm’s revenue was up 153.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.49) earnings per share. As a group, analysts anticipate that Zymeworks will post -1.39 EPS for the current year.

Insider Buying and Selling

In related news, Director Ecor1 Capital, Llc purchased 49,502 shares of the firm’s stock in a transaction dated Thursday, May 15th. The stock was purchased at an average price of $11.43 per share, with a total value of $565,807.86. Following the completion of the purchase, the director owned 17,877,989 shares of the company’s stock, valued at approximately $204,345,414.27. The trade was a 0.28% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 1.92% of the stock is owned by corporate insiders.

Institutional Trading of Zymeworks

A number of large investors have recently modified their holdings of ZYME. EcoR1 Capital LLC increased its holdings in Zymeworks by 14.8% during the 1st quarter. EcoR1 Capital LLC now owns 17,259,548 shares of the company’s stock worth $205,561,000 after purchasing an additional 2,231,469 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Zymeworks by 184.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,879,945 shares of the company’s stock valued at $46,210,000 after buying an additional 2,514,834 shares during the period. Deutsche Bank AG increased its stake in shares of Zymeworks by 0.4% during the first quarter. Deutsche Bank AG now owns 1,552,612 shares of the company’s stock valued at $18,492,000 after buying an additional 5,840 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Zymeworks by 14.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 972,742 shares of the company’s stock valued at $14,240,000 after acquiring an additional 123,240 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its stake in Zymeworks by 1.0% in the first quarter. Bridgeway Capital Management LLC now owns 766,944 shares of the company’s stock worth $9,134,000 after acquiring an additional 7,291 shares during the period. Hedge funds and other institutional investors 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.