Citigroup Lowers Zymeworks (NYSE:ZYME) Price Target to $16.00

Zymeworks (NYSE:ZYME) had its target price lowered by analysts at Citigroup from $17.00 to $16.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 73.91% from the company’s previous close.

Separately, Wells Fargo & Company reduced their price objective on shares of Zymeworks from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday.

Zymeworks Stock Up 2.2 %

NYSE ZYME opened at $9.20 on Friday. The stock has a market capitalization of $649.23 million, a PE ratio of -5.14 and a beta of 1.16. The company has a 50 day moving average price of $10.12 and a two-hundred day moving average price of $9.71. Zymeworks has a 12-month low of $6.01 and a 12-month high of $13.14.

Zymeworks (NYSE:ZYME) last posted its earnings results on Wednesday, March 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.19. The firm had revenue of $16.93 million during the quarter, compared to analysts’ expectations of $18.32 million. Zymeworks had a negative net margin of 249.63% and a negative return on equity of 28.24%. As a group, equities analysts anticipate that Zymeworks will post -1.04 EPS for the current year.

Hedge Funds Weigh In On Zymeworks

Several large investors have recently bought and sold shares of ZYME. SG Americas Securities LLC acquired a new position in Zymeworks during the 3rd quarter valued at $158,000. Bank of New York Mellon Corp raised its stake in Zymeworks by 1.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 139,415 shares of the company’s stock valued at $884,000 after purchasing an additional 2,315 shares during the last quarter. Strs Ohio raised its stake in Zymeworks by 146.4% during the 3rd quarter. Strs Ohio now owns 82,800 shares of the company’s stock valued at $524,000 after purchasing an additional 49,200 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in Zymeworks by 359.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 189,444 shares of the company’s stock valued at $1,201,000 after purchasing an additional 148,212 shares during the last quarter. Finally, Picton Mahoney Asset Management raised its stake in Zymeworks by 2.5% during the 3rd quarter. Picton Mahoney Asset Management now owns 358,818 shares of the company’s stock valued at $2,275,000 after purchasing an additional 8,654 shares during the last quarter. 92.89% of the stock is currently owned by institutional investors and hedge funds.

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.