Zymeworks (NYSE:ZYME) Sets New 52-Week High Following Analyst Upgrade

Shares of Zymeworks Inc. (NYSE:ZYME - Get Free Report) reached a new 52-week high on Monday after Citigroup raised their price target on the stock from $16.00 to $18.00. Citigroup currently has a buy rating on the stock. Zymeworks traded as high as $14.20 and last traded at $13.98, with a volume of 146127 shares changing hands. The stock had previously closed at $13.28.

ZYME has been the topic of several other reports. Wells Fargo & Company downgraded 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 report on Friday. Stifel Nicolaus raised their target price on Zymeworks from $21.00 to $28.00 and gave the stock a "buy" rating in a report on Monday, October 28th. Finally, HC Wainwright reissued a "neutral" rating and set a $12.00 price target on shares of Zymeworks in a report on Friday.

Institutional Trading of Zymeworks

Several institutional investors and hedge funds have recently modified their holdings of ZYME. California State Teachers Retirement System lifted its holdings in Zymeworks by 2.9% in the 1st 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 in the last quarter. Arizona State Retirement System lifted its holdings in shares of Zymeworks by 11.1% in the second quarter. Arizona State Retirement System now owns 12,841 shares of the company's stock worth $109,000 after buying an additional 1,285 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Zymeworks by 11.1% during the first quarter. ProShare Advisors LLC now owns 14,952 shares of the company's stock worth $157,000 after acquiring an additional 1,499 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in shares of Zymeworks by 2.0% during the second quarter. SummerHaven Investment Management LLC now owns 90,158 shares of the company's stock worth $767,000 after acquiring an additional 1,772 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Zymeworks by 17.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 15,664 shares of the company's stock valued at $165,000 after acquiring an additional 2,351 shares in the last quarter. 92.89% of the stock is currently owned by institutional investors.

Zymeworks Stock Performance

The company has a market capitalization of $1.05 billion, a P/E ratio of -9.82 and a beta of 1.16. The business's fifty day simple moving average is $12.59 and its 200-day simple moving average is $10.48.

Zymeworks (NYSE:ZYME - Get Free Report) last issued its earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.01. Zymeworks had a negative return on equity of 22.09% and a negative net margin of 182.75%. The firm had revenue of $16.00 million for the quarter, compared to analysts' expectations of $17.90 million. During the same period in the previous year, the firm posted ($0.41) earnings per share. The business's revenue was down 3.1% compared to the same quarter last year. As a group, analysts forecast that Zymeworks Inc. will post -0.92 EPS for the current year.

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.