Zymeworks (NYSE:ZYME) Shares Down 2.4% – Here’s Why

Shares of Zymeworks Inc. (NYSE:ZYME) fell 2.4% during trading on Friday . The stock traded as low as $13.21 and last traded at $13.25. 95,386 shares traded hands during trading, a decline of 84% from the average session volume of 606,966 shares. The stock had previously closed at $13.58.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ZYME. Citigroup lifted their price objective on shares of Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a report on Monday, November 4th. Stifel Nicolaus upped 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. Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $10.00 to $25.00 in a research report on Thursday, November 7th. HC Wainwright reaffirmed a “neutral” rating and set a $12.00 target price on shares of Zymeworks in a research note on Friday, November 22nd. Finally, Wells Fargo & Company lifted their price target on shares of Zymeworks from $12.00 to $14.00 and gave the company an “equal weight” rating in a research note on Thursday. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.17.

Zymeworks Price Performance

The stock’s fifty day moving average price is $14.16 and its 200-day moving average price is $11.79. The firm has a market cap of $943.63 million, a PE ratio of -9.13 and a beta of 1.12.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. FMR LLC increased its holdings in 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 purchasing an additional 1,525 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of Zymeworks in the 3rd quarter valued at $47,000. nVerses Capital LLC acquired a new position in Zymeworks during the 3rd quarter worth about $79,000. Quest Partners LLC boosted its holdings in Zymeworks by 8,049.6% during the 2nd quarter. Quest Partners LLC now owns 9,209 shares of the company’s stock valued at $78,000 after acquiring an additional 9,096 shares during the period. Finally, MQS Management LLC acquired a new position in Zymeworks in the 2nd quarter valued at about $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.