Zymeworks Inc. (NYSE:ZYME) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Zymeworks Inc. (NYSE:ZYME – Get Rating) have earned a consensus rating of “Hold” from the ten brokerages that are covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $12.44.

ZYME has been the topic of several research reports. JPMorgan Chase & Co. upped their price objective on Zymeworks from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Friday, March 31st. Citigroup raised their price objective on Zymeworks from $17.00 to $18.00 in a research note on Thursday. Wells Fargo & Company reiterated an “overweight” rating and set a $12.00 target price on shares of Zymeworks in a report on Tuesday, March 21st. HC Wainwright restated a “neutral” rating and issued a $8.00 price objective on shares of Zymeworks in a report on Tuesday, March 21st. Finally, TheStreet upgraded Zymeworks from a “d” rating to a “c” rating in a report on Thursday, March 30th.

Zymeworks Stock Up 1.9 %

Shares of ZYME opened at $9.77 on Friday. Zymeworks has a 12-month low of $4.11 and a 12-month high of $10.80. The firm has a market capitalization of $626.95 million, a price-to-earnings ratio of 3.77 and a beta of 0.97. The stock’s 50-day moving average price is $9.07 and its 200 day moving average price is $8.53.

Zymeworks (NYSE:ZYME – Get Rating) last released its quarterly earnings data on Tuesday, March 7th. The company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.62 by $0.03. Zymeworks had a return on equity of 77.65% and a net margin of 38.69%. The company had revenue of $402.49 million for the quarter, compared to analyst estimates of $371.36 million. Equities research analysts expect that Zymeworks will post -2.31 EPS for the current year.

Insider Activity

In other news, major shareholder Ecor1 Capital, Llc acquired 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 28th. The shares were acquired at an average cost of $8.00 per share, with a total value of $1,600,000.00. Following the completion of the purchase, the insider now directly owns 10,087,473 shares of the company’s stock, valued at approximately $80,699,784. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.63% of the stock is owned by company insiders.

Institutional Trading of Zymeworks

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Swiss National Bank grew its stake in shares of Zymeworks by 45.6% in the first quarter. Swiss National Bank now owns 118,500 shares of the company’s stock worth $776,000 after purchasing an additional 37,100 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Zymeworks by 804.9% in the first quarter. JPMorgan Chase & Co. now owns 686,784 shares of the company’s stock valued at $4,498,000 after buying an additional 610,892 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in Zymeworks by 12.3% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 71,967 shares of the company’s stock valued at $471,000 after buying an additional 7,868 shares during the period. Bank of Montreal Can lifted its holdings in Zymeworks by 19.8% in the first quarter. Bank of Montreal Can now owns 24,872 shares of the company’s stock valued at $167,000 after buying an additional 4,103 shares during the period. Finally, BlackRock Inc. lifted its holdings in Zymeworks by 20.0% in the first quarter. BlackRock Inc. now owns 973,451 shares of the company’s stock valued at $6,377,000 after buying an additional 162,353 shares during the period. Institutional investors own 88.28% of the company’s stock.

About Zymeworks

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Zymeworks, Inc is a biopharmaceutical company, which engages in the discovery, development, and commercialization of novel, multifunctional biotherapeutics. Its product includes Zanidatamab, which is a novel bispecific antibody that targets two distinct domains of the human epidermal growth factor receptor 2 (HER2).