Zymeworks (NYSE:ZYME) Downgraded to "Equal Weight" Rating by Wells Fargo & Company

Zymeworks (NYSE:ZYME - Get Free Report) was downgraded by equities research analysts at Wells Fargo & Company from an "overweight" rating to an "equal weight" rating in a note issued to investors on Friday, MarketBeat Ratings reports. They presently have a $12.00 target price on the stock. Wells Fargo & Company's price target points to a potential downside of 9.64% from the company's previous close.

Several other research firms have also commented on ZYME. HC Wainwright reiterated a "neutral" rating and set a $12.00 price target on shares of Zymeworks in a research report on Tuesday, October 22nd. Stifel Nicolaus lifted their target price on shares of Zymeworks from $21.00 to $28.00 and gave the company a "buy" rating in a report on Monday.

Zymeworks Price Performance

ZYME traded down $0.42 on Friday, reaching $13.28. 1,211,125 shares of the stock were exchanged, compared to its average volume of 625,201. The company's 50-day moving average price is $12.55 and its 200 day moving average price is $10.42. The firm has a market capitalization of $943.54 million, a PE ratio of -8.74 and a beta of 1.20. Zymeworks has a fifty-two week low of $6.83 and a fifty-two week high of $14.05.

Zymeworks (NYSE:ZYME - Get Free Report) last issued its earnings results on Thursday, October 31st. The company reported ($0.39) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.01. Zymeworks had a negative return on equity of 21.97% and a negative net margin of 179.42%. The firm had revenue of $16.00 million for the quarter, compared to analyst estimates of $17.90 million. During the same quarter in the prior year, the firm 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.

Hedge Funds Weigh In On Zymeworks

Large investors have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale purchased a new stake in shares of Zymeworks during the third quarter worth approximately $47,000. nVerses Capital LLC purchased a new position in shares of Zymeworks in the third quarter worth about $79,000. Quest Partners LLC lifted its stake in shares of Zymeworks by 8,049.6% in the second quarter. Quest Partners LLC now owns 9,209 shares of the company's stock worth $78,000 after buying an additional 9,096 shares in the last quarter. MQS Management LLC acquired a new position in Zymeworks during the second quarter worth about $92,000. Finally, Tocqueville Asset Management L.P. purchased a new stake in Zymeworks during the 1st quarter valued at about $117,000. 92.89% of the stock is currently 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.