Zymeworks (NYSE:ZYME) Shares Gap Down - Here's Why

Zymeworks Inc. (NYSE:ZYME - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $13.70, but opened at $12.77. Zymeworks shares last traded at $12.57, with a volume of 132,029 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ZYME shares. HC Wainwright reiterated a "neutral" rating and set a $12.00 target price on shares of Zymeworks in a report on Friday. 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 note on Friday. Finally, Stifel Nicolaus increased their target price on shares of Zymeworks from $21.00 to $28.00 and gave the stock a "buy" rating in a research report on Monday.

Zymeworks Trading Down 3.1 %

The stock has a 50-day simple moving average of $12.55 and a 200-day simple moving average of $10.42. The company has a market cap of $943.54 million, a price-to-earnings ratio of -8.74 and a beta of 1.20.

Zymeworks (NYSE:ZYME - Get Free Report) last released its earnings results on Thursday, October 31st. The company reported ($0.39) EPS for the quarter, topping analysts' consensus estimates of ($0.40) by $0.01. Zymeworks had a negative net margin of 179.42% and a negative return on equity of 21.97%. The business had revenue of $16.00 million for the quarter, compared to the consensus estimate of $17.90 million. During the same period in the previous year, the firm earned ($0.41) EPS. The business's revenue for the quarter was down 3.1% on a year-over-year basis. As a group, research analysts expect that Zymeworks Inc. will post -0.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Zymeworks

Institutional investors have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale bought a new position in Zymeworks during the third quarter valued at about $47,000. Quest Partners LLC raised its holdings 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 valued at $78,000 after buying an additional 9,096 shares during the last quarter. nVerses Capital LLC acquired a new position in shares of Zymeworks during the third quarter worth approximately $79,000. MQS Management LLC acquired a new stake in shares of Zymeworks in the 2nd quarter valued at $92,000. Finally, Arizona State Retirement System increased its position in 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 purchasing an additional 1,285 shares during the period. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Zymeworks Company Profile

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.