Zymeworks (NYSE:ZYME) Upgraded by JPMorgan Chase & Co. to "Overweight" Rating

Zymeworks (NYSE:ZYME - Get Free Report) was upgraded by research analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report released on Monday, Marketbeat Ratings reports. The brokerage currently has a $18.00 price target on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 30.72% from the stock's current price.

A number of other equities research analysts also recently weighed in on ZYME. HC Wainwright reissued a "neutral" rating and set a $12.00 target price on shares of Zymeworks in a research report on Friday, November 22nd. 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. Stifel Nicolaus lifted their target price 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. Wells Fargo & Company cut shares of Zymeworks from an "overweight" rating to an "equal weight" rating and set a $12.00 price target for the company. in a research note on Friday, November 1st. Finally, Leerink Partnrs raised Zymeworks from a "hold" rating to a "strong-buy" rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $18.83.

Zymeworks Stock Up 9.5 %

Shares of NYSE:ZYME traded up $1.19 during trading on Monday, reaching $13.77. The stock had a trading volume of 597,978 shares, compared to its average volume of 609,064. The stock has a fifty day simple moving average of $14.11 and a two-hundred day simple moving average of $11.72. The firm has a market capitalization of $948.48 million, a price-to-earnings ratio of -9.25 and a beta of 1.12. Zymeworks has a 52 week low of $7.97 and a 52 week high of $17.70.

Zymeworks (NYSE:ZYME - Get Free Report) last released its earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $16.00 million for the quarter, compared to analyst estimates of $17.90 million. During the same quarter last year, the firm posted ($0.41) EPS. The company's revenue was down 3.1% on a year-over-year basis. On average, analysts forecast that Zymeworks will post -1.43 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. FMR LLC lifted its holdings in 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 purchasing an additional 1,525 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Zymeworks during the third quarter worth approximately $47,000. Quest Partners LLC boosted its stake in 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 period. nVerses Capital LLC acquired a new position in Zymeworks in the 3rd quarter valued at $79,000. Finally, MQS Management LLC acquired a new stake in shares of Zymeworks during the second quarter worth $92,000. 92.89% of the stock is currently owned by institutional investors and hedge funds.

About Zymeworks

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.