Zymeworks (NYSE:ZYME) Trading Up 5.7%

Zymeworks Inc. (NYSE:ZYME) shares were up 5.7% during mid-day trading on Tuesday . The stock traded as high as $9.48 and last traded at $9.48. Approximately 169,970 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 606,998 shares. The stock had previously closed at $8.97.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ZYME shares. Wells Fargo & Company decreased their target price on shares of Zymeworks from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. Citigroup reduced their price objective on shares of Zymeworks from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Finally, HC Wainwright restated a “neutral” rating and set a $10.00 price objective on shares of Zymeworks in a research report on Thursday, June 6th.

Zymeworks Stock Down 2.7 %

The stock’s 50-day simple moving average is $8.93 and its two-hundred day simple moving average is $10.01. The company has a market capitalization of $644.12 million, a price-to-earnings ratio of -5.07 and a beta of 1.18.

Zymeworks (NYSE:ZYME) last released its earnings results on Thursday, May 2nd. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.11). Zymeworks had a negative return on equity of 28.37% and a negative net margin of 249.63%. The business had revenue of $10.03 million for the quarter, compared to analysts’ expectations of $17.98 million. On average, sell-side analysts forecast that Zymeworks Inc. will post -1.2 EPS for the current year.

Institutional Investors Weigh In On Zymeworks

Large investors have recently modified their holdings of the business. AlphaMark Advisors LLC purchased a new stake in shares of Zymeworks in the first quarter valued at about $32,000. Gladius Capital Management LP boosted its stake in Zymeworks by 36.5% during the third quarter. Gladius Capital Management LP now owns 3,940 shares of the company’s stock worth $25,000 after buying an additional 1,053 shares during the period. New York State Teachers Retirement System purchased a new position in Zymeworks during the fourth quarter worth about $50,000. AJOVista LLC purchased a new position in Zymeworks during the fourth quarter worth about $66,000. Finally, China Universal Asset Management Co. Ltd. purchased a new position in Zymeworks during the fourth quarter worth about $84,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

Zymeworks Company Profile

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.