Zymeworks (NYSE:ZYME) Trading Down 2.4% - Time to Sell?

Zymeworks Inc. (NYSE:ZYME - Get Free Report) shares dropped 2.4% on Friday . The company traded as low as $13.21 and last traded at $13.25. Approximately 95,386 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 606,966 shares. The stock had previously closed at $13.58.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Wells Fargo & Company lifted their price objective on Zymeworks from $12.00 to $14.00 and gave the stock an "equal weight" rating in a report on Thursday. Citigroup lifted their price target on Zymeworks from $16.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. JPMorgan Chase & Co. upgraded shares of Zymeworks from a "neutral" rating to an "overweight" rating and set a $18.00 price objective on the stock in a research report on Monday. Leerink Partnrs upgraded shares of Zymeworks from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 7th. Finally, Leerink Partners upgraded shares of Zymeworks from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $10.00 to $25.00 in a research report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $19.17.

Zymeworks Stock Performance

The business has a 50-day moving average of $14.17 and a 200 day moving average of $11.81. The stock has a market cap of $973.93 million, a PE ratio of -9.43 and a beta of 1.12.

Zymeworks (NYSE:ZYME - Get Free Report) last issued its quarterly 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. The business had revenue of $16.00 million during the quarter, compared to the consensus estimate of $17.90 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. The company's quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.41) earnings per share. Equities analysts expect that Zymeworks Inc. will post -1.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ZYME. Perceptive Advisors LLC increased its stake in Zymeworks by 55.2% in the second quarter. Perceptive Advisors LLC now owns 1,667,711 shares of the company's stock valued at $14,192,000 after purchasing an additional 592,904 shares during the last quarter. Rubric Capital Management LP grew its holdings in Zymeworks by 12.7% in the 2nd quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company's stock valued at $33,336,000 after buying an additional 441,947 shares during the period. Dimensional Fund Advisors LP increased its position in Zymeworks by 127.5% during the second quarter. Dimensional Fund Advisors LP now owns 715,632 shares of the company's stock worth $6,090,000 after purchasing an additional 401,068 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Zymeworks during the 3rd quarter worth $4,156,000. Finally, Point72 Asset Management L.P. acquired a new stake in Zymeworks during the second quarter worth about $1,683,000. Hedge funds and other institutional investors 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.