Citigroup Issues Positive Forecast for Zymeworks (NYSE:ZYME) Stock Price

Zymeworks (NYSE:ZYME - Get Free Report) had its price target lifted by investment analysts at Citigroup from $18.00 to $19.00 in a report released on Friday, MarketBeat reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price target points to a potential upside of 69.14% from the stock's previous close.

A number of other brokerages also recently commented on ZYME. HC Wainwright reaffirmed a "neutral" rating and issued a $12.00 price target on shares of Zymeworks in a report on Friday, November 22nd. Leerink Partnrs upgraded Zymeworks from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 7th. JPMorgan Chase & Co. upgraded Zymeworks from a "neutral" rating to an "overweight" rating and set a $18.00 price target for the company in a research report on Monday, December 16th. Leerink Partners upgraded shares of Zymeworks from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $10.00 to $25.00 in a research report on Thursday, November 7th. Finally, Wells Fargo & Company increased their target price on shares of Zymeworks from $12.00 to $14.00 and gave the company an "equal weight" rating in a research note on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $21.00.

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Zymeworks Price Performance

Shares of Zymeworks stock traded up $0.13 during trading on Friday, reaching $11.23. 446,992 shares of the stock traded hands, compared to its average volume of 475,124. The business has a fifty day simple moving average of $14.14 and a two-hundred day simple moving average of $13.66. Zymeworks has a 52-week low of $7.97 and a 52-week high of $17.70. The company has a market capitalization of $781.56 million, a price-to-earnings ratio of -7.47 and a beta of 1.13.

Insider Transactions at Zymeworks

In related news, Director Ecor1 Capital, Llc acquired 19,748 shares of the firm's stock in a transaction that occurred on Friday, January 17th. The stock was bought at an average price of $13.87 per share, for a total transaction of $273,904.76. Following the acquisition, the director now directly owns 15,720,161 shares of the company's stock, valued at $218,038,633.07. This represents a 0.13 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jeffrey T. L. Smith sold 11,110 shares of the business's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $14.92, for a total transaction of $165,761.20. Following the completion of the sale, the executive vice president now directly owns 8,890 shares of the company's stock, valued at approximately $132,638.80. This trade represents a 55.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 603,539 shares of company stock worth $8,384,708 and sold 89,601 shares worth $1,336,847. Corporate insiders own 1.92% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ZYME. Charles Schwab Investment Management Inc. grew its position in shares of Zymeworks by 0.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 132,798 shares of the company's stock worth $1,667,000 after buying an additional 650 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in Zymeworks by 0.4% during the 4th quarter. Nuveen Asset Management LLC now owns 207,023 shares of the company's stock worth $3,031,000 after acquiring an additional 886 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Zymeworks by 6.9% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 14,605 shares of the company's stock worth $214,000 after acquiring an additional 940 shares in the last quarter. Sterling Capital Management LLC increased its position in Zymeworks by 781.5% during the 4th quarter. Sterling Capital Management LLC now owns 1,719 shares of the company's stock valued at $25,000 after purchasing an additional 1,524 shares during the period. Finally, FMR LLC raised its holdings 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 in the last quarter. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

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.