Zymeworks (NYSE:ZYME) Given New $17.00 Price Target at Citigroup

Zymeworks (NYSE:ZYME – Get Rating) had its price target cut by analysts at Citigroup from $21.00 to $17.00 in a research note issued on Friday, The Fly reports. Citigroup’s target price points to a potential upside of 114.38% from the stock’s current price.

A number of other analysts have also recently issued reports on ZYME. HC Wainwright reissued a “neutral” rating and issued a $8.00 target price on shares of Zymeworks in a research report on Tuesday, January 24th. Guggenheim reaffirmed a “buy” rating and set a $16.00 price objective on shares of Zymeworks in a research report on Wednesday. Barclays increased their price objective on Zymeworks from $7.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 22nd. Jefferies Financial Group raised Zymeworks from a “hold” rating to a “buy” rating and increased their price objective for the stock from $7.70 to $11.00 in a research report on Monday, December 19th. Finally, SVB Leerink increased their price objective on Zymeworks from $8.00 to $10.00 and gave the stock a “market perform” rating in a research report on Friday, January 20th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Zymeworks has an average rating of “Moderate Buy” and an average target price of $12.56.

Zymeworks Stock Performance

ZYME opened at $7.93 on Friday. The company has a market cap of $507.84 million, a P/E ratio of 4.48 and a beta of 0.91. Zymeworks has a one year low of $4.11 and a one year high of $10.80. The business’s 50-day simple moving average is $8.81 and its 200-day simple moving average is $7.41.

Insider Activity

In related news, major shareholder Ecor1 Capital, Llc purchased 342,100 shares of the company’s stock in a transaction on Friday, January 13th. The stock was bought at an average price of $9.81 per share, with a total value of $3,356,001.00. Following the completion of the transaction, the insider now owns 8,936,973 shares of the company’s stock, valued at approximately $87,671,705.13. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders acquired 1,846,200 shares of company stock valued at $16,073,510 in the last three months. 1.63% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tejara Capital Ltd acquired a new position in shares of Zymeworks during the fourth quarter worth about $3,194,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Zymeworks in the fourth quarter worth about $251,000. Samsara BioCapital LLC lifted its stake in shares of Zymeworks by 66.9% in the fourth quarter. Samsara BioCapital LLC now owns 1,620,687 shares of the company’s stock worth $12,739,000 after acquiring an additional 649,700 shares in the last quarter. Sessa Capital IM L.P. acquired a new position in shares of Zymeworks in the fourth quarter worth about $5,823,000. Finally, Tang Capital Management LLC acquired a new position in shares of Zymeworks in the fourth quarter worth about $3,144,000. Institutional investors and hedge funds own 88.28% of the company’s stock.

About Zymeworks

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Zymeworks Inc is a biopharmaceutical company. It engages in the discovery, development, and commercialization of multifunctional biotherapeutics, initially focused on the treatment of cancer. The company is headquartered in Middletown, DE.