Zymeworks (NYSE:ZYME) Shares Gap Down – What’s Next?

Shares of Zymeworks Inc. (NYSE:ZYME) gapped down before the market opened on Friday . The stock had previously closed at $13.70, but opened at $12.77. Zymeworks shares last traded at $12.57, with a volume of 132,029 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wells Fargo & Company lowered shares of Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 price target on the stock. in a research note on Friday. Stifel Nicolaus boosted their target price on Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a report on Monday. Finally, HC Wainwright restated a “neutral” rating and set a $12.00 price target on shares of Zymeworks in a research note on Friday.

Zymeworks Price Performance

The firm has a market cap of $906.60 million, a price-to-earnings ratio of -8.27 and a beta of 1.20. The firm’s 50 day moving average price is $12.50 and its two-hundred day moving average price is $10.40.

Zymeworks (NYSE:ZYME) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.01. Zymeworks had a negative return on equity of 21.97% and a negative net margin of 179.42%. The business had revenue of $16.00 million during the quarter, compared to analysts’ expectations of $17.90 million. During the same period last year, the firm earned ($0.41) EPS. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, analysts anticipate that Zymeworks Inc. will post -0.92 earnings per share for the current year.

Hedge Funds Weigh In On Zymeworks

Several hedge funds have recently bought and sold shares of ZYME. Susquehanna Fundamental Investments LLC acquired a new stake in Zymeworks in the 1st quarter worth about $579,000. O Shaughnessy Asset Management LLC boosted its holdings in Zymeworks by 51.5% in the first quarter. O Shaughnessy Asset Management LLC now owns 255,497 shares of the company’s stock valued at $2,688,000 after acquiring an additional 86,797 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Zymeworks during the second quarter worth about $1,683,000. Rubric Capital Management LP raised its holdings in shares of Zymeworks by 12.7% in the 2nd quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company’s stock worth $33,336,000 after purchasing an additional 441,947 shares during the period. Finally, Squarepoint Ops LLC lifted its position in Zymeworks by 401.9% during the second quarter. Squarepoint Ops LLC now owns 73,324 shares of the company’s stock valued at $624,000 after buying an additional 58,716 shares in the last quarter. 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.