Wells Fargo & Company Issues Positive Forecast for Zymeworks (NYSE:ZYME) Stock Price

Zymeworks (NYSE:ZYME) had its price target raised by Wells Fargo & Company from $12.00 to $14.00 in a research note published on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other brokerages also recently commented on ZYME. Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. Stifel Nicolaus lifted their price target on Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, October 28th. HC Wainwright reissued a “neutral” rating and issued a $12.00 price objective on shares of Zymeworks in a report on Friday, November 22nd. JPMorgan Chase & Co. upgraded shares of Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective for the company in a research report on Monday. Finally, Citigroup boosted their target price on shares of Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Zymeworks currently has a consensus rating of “Moderate Buy” and an average price target of $19.17.

Zymeworks Stock Up 6.6 %

Zymeworks stock opened at $13.58 on Thursday. The company has a fifty day simple moving average of $14.16 and a 200-day simple moving average of $11.79. The firm has a market capitalization of $935.36 million, a price-to-earnings ratio of -9.05 and a beta of 1.12. Zymeworks has a 52-week low of $7.97 and a 52-week high of $17.70.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.01. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The company had revenue of $16.00 million during the quarter, compared to analysts’ expectations of $17.90 million. During the same quarter in the prior year, the company earned ($0.41) EPS. Zymeworks’s revenue was down 3.1% compared to the same quarter last year. On average, research analysts anticipate that Zymeworks will post -1.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. FMR LLC raised its stake in shares of Zymeworks by 84.2% in the 3rd quarter. FMR LLC now owns 3,336 shares of the company’s stock valued at $42,000 after acquiring an additional 1,525 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in Zymeworks in the 3rd quarter valued at approximately $47,000. nVerses Capital LLC purchased a new stake in Zymeworks in the third quarter valued at approximately $79,000. Quest Partners LLC raised its position in Zymeworks by 8,049.6% in the second quarter. Quest Partners LLC now owns 9,209 shares of the company’s stock valued at $78,000 after purchasing an additional 9,096 shares during the period. Finally, MQS Management LLC acquired a new position in Zymeworks during the second quarter worth $92,000. 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.