Zymeworks (NYSE:ZYME) Shares Gap Up - Here's What Happened

Zymeworks Inc. (NYSE:ZYME - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $12.58, but opened at $13.47. Zymeworks shares last traded at $13.72, with a volume of 78,790 shares.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Stifel Nicolaus increased their price objective on Zymeworks from $21.00 to $28.00 and gave the company a "buy" rating in a report on Monday, October 28th. 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 shares of Zymeworks from a "neutral" rating to an "overweight" rating and set a $18.00 price objective on the stock in a report on Monday. 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 report on Friday, November 1st. Finally, Citigroup lifted their price target on shares of Zymeworks from $16.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Zymeworks presently has an average rating of "Moderate Buy" and a consensus target price of $18.83.

Zymeworks Price Performance

The business's 50-day moving average price is $14.14 and its 200-day moving average price is $11.75. The firm has a market capitalization of $948.48 million, a PE ratio of -9.18 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) earnings per share for the quarter, topping analysts' consensus estimates of ($0.40) by $0.01. The firm had revenue of $16.00 million during the quarter, compared to analysts' expectations of $17.90 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. Zymeworks's quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.41) EPS. Equities analysts forecast that Zymeworks Inc. will post -1.43 earnings per share for the current year.

Hedge Funds Weigh In On Zymeworks

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Rubric Capital Management LP increased its stake 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. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Zymeworks by 0.8% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,945,491 shares of the company's stock valued at $24,416,000 after acquiring an additional 14,604 shares in the last quarter. Perceptive Advisors LLC increased its stake in shares of Zymeworks by 55.2% during the second quarter. Perceptive Advisors LLC now owns 1,667,711 shares of the company's stock worth $14,192,000 after acquiring an additional 592,904 shares during the period. State Street Corp raised its holdings in Zymeworks by 6.1% during the third quarter. State Street Corp now owns 1,171,777 shares of the company's stock worth $14,706,000 after purchasing an additional 67,401 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Zymeworks by 127.5% in the second quarter. Dimensional Fund Advisors LP now owns 715,632 shares of the company's stock valued at $6,090,000 after purchasing an additional 401,068 shares during the period. 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.