Zymeworks (NYSE:ZYME) Shares Down 7.2% – Should You Sell?

Zymeworks Inc. (NYSE:ZYME)’s stock price traded down 7.2% on Monday . The company traded as low as $13.23 and last traded at $13.23. 124,564 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 610,564 shares. The stock had previously closed at $14.25.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ZYME. HC Wainwright restated a “neutral” rating and set a $12.00 price objective on shares of Zymeworks in a report on Friday, November 22nd. Leerink Partnrs raised shares of Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $10.00 to $25.00 in a report on Thursday, November 7th. Citigroup increased their price objective on Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, Stifel Nicolaus upped their target price on Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a report on Monday, October 28th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Zymeworks Price Performance

The stock has a market cap of $902.33 million, a price-to-earnings ratio of -8.71 and a beta of 1.12. The business has a fifty day moving average of $14.09 and a 200 day moving average of $11.63.

Zymeworks (NYSE:ZYME) last released 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. The business had revenue of $16.00 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.41) EPS. On average, analysts expect that Zymeworks Inc. will post -1.43 EPS for the current year.

Institutional Investors Weigh In On Zymeworks

Several hedge funds and other institutional investors have recently made changes to their positions in ZYME. Charles Schwab Investment Management Inc. grew its holdings in Zymeworks by 0.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 132,798 shares of the company’s stock valued at $1,667,000 after buying an additional 650 shares during the last quarter. California State Teachers Retirement System lifted its position in Zymeworks by 2.9% in the first quarter. California State Teachers Retirement System now owns 43,420 shares of the company’s stock worth $457,000 after purchasing an additional 1,215 shares during the period. Arizona State Retirement System boosted its position in shares of Zymeworks by 11.1% during the 2nd quarter. Arizona State Retirement System now owns 12,841 shares of the company’s stock valued at $109,000 after acquiring an additional 1,285 shares in the last quarter. FMR LLC grew 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 purchasing an additional 1,525 shares during the period. Finally, Stifel Financial Corp raised its stake in Zymeworks by 2.1% during the third quarter. Stifel Financial Corp now owns 73,654 shares of the company’s stock worth $924,000 after acquiring an additional 1,540 shares in the last quarter. 92.89% of the stock is owned by institutional investors and hedge funds.

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.