Zymeworks (NYSE:ZYME) Stock Price Up 4.3% on Analyst Upgrade

Shares of Zymeworks Inc. (NYSE:ZYME - Get Free Report) rose 4.3% during mid-day trading on Thursday after Wells Fargo & Company raised their price target on the stock from $12.00 to $14.00. Wells Fargo & Company currently has an equal weight rating on the stock. Zymeworks traded as high as $13.34 and last traded at $13.29. Approximately 83,090 shares traded hands during trading, a decline of 86% from the average daily volume of 606,086 shares. The stock had previously closed at $12.74.

Several other analysts have also commented on the stock. Stifel Nicolaus increased their price target on shares of Zymeworks from $21.00 to $28.00 and gave the company a "buy" rating in a research report on Monday, October 28th. Citigroup boosted their price target on Zymeworks from $16.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, November 4th. Leerink Partnrs raised Zymeworks from a "hold" rating to a "strong-buy" rating in a research note on Thursday, November 7th. Leerink Partners upgraded shares of Zymeworks from a "market perform" rating to an "outperform" rating and upped their target price for the company from $10.00 to $25.00 in a report on Thursday, November 7th. Finally, HC Wainwright reiterated a "neutral" rating and set a $12.00 price target on shares of Zymeworks in a report on Friday, November 22nd. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Zymeworks has a consensus rating of "Moderate Buy" and a consensus price target of $19.17.

Institutional Trading of Zymeworks

A number of hedge funds have recently added to or reduced their stakes in the business. FMR LLC increased its stake in shares of Zymeworks by 84.2% during the 3rd quarter. FMR LLC now owns 3,336 shares of the company's stock valued at $42,000 after acquiring an additional 1,525 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in Zymeworks during the third quarter worth approximately $47,000. nVerses Capital LLC purchased a new position in Zymeworks during the third quarter worth approximately $79,000. Quest Partners LLC boosted its holdings in shares of Zymeworks by 8,049.6% in the 2nd quarter. Quest Partners LLC now owns 9,209 shares of the company's stock valued at $78,000 after purchasing an additional 9,096 shares during the last quarter. Finally, MQS Management LLC purchased a new stake in shares of Zymeworks during the 2nd quarter valued at $92,000. 92.89% of the stock is owned by institutional investors and hedge funds.

Zymeworks Stock Performance

The firm has a market capitalization of $935.36 million, a price-to-earnings ratio of -9.05 and a beta of 1.12. The business has a fifty day moving average price of $14.16 and a 200 day moving average price of $11.79.

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

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.