Wells Fargo & Company Forecasts Strong Price Appreciation for Zymeworks (NYSE:ZYME) Stock

Zymeworks (NYSE:ZYME - Free Report) had its price target increased by Wells Fargo & Company from $12.00 to $14.00 in a research note released on Thursday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities research analysts have also commented on the stock. Leerink Partnrs upgraded shares of Zymeworks from a "hold" rating to a "strong-buy" rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. raised Zymeworks from a "neutral" rating to an "overweight" rating and set a $18.00 target price for the company in a report on Monday. Stifel Nicolaus raised their price target on Zymeworks from $21.00 to $28.00 and gave the stock a "buy" rating in a research note on Monday, October 28th. Citigroup lifted their price target on Zymeworks from $16.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. Finally, HC Wainwright reissued a "neutral" rating and issued a $12.00 price objective on shares of Zymeworks in a report on Friday, November 22nd. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $19.17.

Zymeworks Price Performance

Shares of Zymeworks stock traded up $0.84 during trading on Thursday, hitting $13.58. 801,366 shares of the stock were exchanged, compared to its average volume of 609,084. The stock has a market cap of $935.36 million, a price-to-earnings ratio of -9.05 and a beta of 1.12. The firm's 50-day moving average price is $14.16 and its 200 day moving average price is $11.79. Zymeworks has a 12-month low of $7.97 and a 12-month high of $17.70.

Zymeworks (NYSE:ZYME - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.40) by $0.01. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The company had revenue of $16.00 million during the quarter, compared to the consensus estimate of $17.90 million. During the same period in the previous year, the business earned ($0.41) EPS. Zymeworks's revenue for the quarter was down 3.1% on a year-over-year basis. As a group, research analysts forecast that Zymeworks will post -1.43 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of Zymeworks by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 132,798 shares of the company's stock worth $1,667,000 after purchasing an additional 650 shares during the period. Arizona State Retirement System lifted its stake in shares of Zymeworks by 11.1% in the 2nd quarter. Arizona State Retirement System now owns 12,841 shares of the company's stock worth $109,000 after acquiring an additional 1,285 shares during the period. FMR LLC boosted its holdings in shares of Zymeworks by 84.2% in the third quarter. FMR LLC now owns 3,336 shares of the company's stock valued at $42,000 after acquiring an additional 1,525 shares in the last quarter. Stifel Financial Corp boosted its holdings in shares of Zymeworks by 2.1% in the third quarter. Stifel Financial Corp now owns 73,654 shares of the company's stock valued at $924,000 after acquiring an additional 1,540 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Zymeworks by 13.2% during the second quarter. The Manufacturers Life Insurance Company now owns 22,695 shares of the company's stock worth $193,000 after acquiring an additional 2,653 shares during the period. Institutional investors and hedge funds own 92.89% of the company's stock.

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.