Zymeworks (NYSE:ZYME) Price Target Raised to $18.00 at Citigroup

Zymeworks (NYSE:ZYME - Get Free Report) had its target price upped by research analysts at Citigroup from $16.00 to $18.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's target price would indicate a potential upside of 21.95% from the company's current price.

Several other research firms have also recently commented on ZYME. Wells Fargo & Company cut shares of Zymeworks from an "overweight" rating to an "equal weight" rating and set a $12.00 target price for the company. in a research note on Friday. Stifel Nicolaus upped their target price on shares of Zymeworks from $21.00 to $28.00 and gave the company a "buy" rating in a research note on Monday, October 28th. Finally, HC Wainwright reaffirmed a "neutral" rating and set a $12.00 price objective on shares of Zymeworks in a report on Friday.

Zymeworks Stock Performance

Shares of Zymeworks stock traded up $1.48 on Monday, reaching $14.76. The stock had a trading volume of 934,988 shares, compared to its average volume of 626,655. The business's 50-day moving average price is $12.59 and its two-hundred day moving average price is $10.48. Zymeworks has a fifty-two week low of $6.83 and a fifty-two week high of $15.00. The stock has a market cap of $1.05 billion, a P/E ratio of -9.82 and a beta of 1.16.

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

Institutional Investors Weigh In On Zymeworks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. bought a new position in shares of Zymeworks in the 1st quarter valued at about $273,000. Empowered Funds LLC boosted its stake in shares of Zymeworks by 8.2% in the 1st quarter. Empowered Funds LLC now owns 295,783 shares of the company's stock valued at $3,112,000 after purchasing an additional 22,367 shares during the last quarter. Swiss National Bank boosted its stake in shares of Zymeworks by 12.8% in the 1st quarter. Swiss National Bank now owns 83,000 shares of the company's stock valued at $873,000 after purchasing an additional 9,400 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Zymeworks in the 1st quarter valued at about $579,000. Finally, Russell Investments Group Ltd. boosted its stake in shares of Zymeworks by 153.3% in the 1st quarter. Russell Investments Group Ltd. now owns 68,388 shares of the company's stock valued at $719,000 after purchasing an additional 41,384 shares during the last quarter. Institutional investors and hedge funds 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.