Zymeworks (NYSE:ZYME) PT Set at $60.00 by Raymond James


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Zymeworks (NYSE:ZYME) has been assigned a $60.00 price target by analysts at Raymond James in a research note issued to investors on Tuesday, BayStreet.CA reports. The firm currently has a “strong-buy” rating on the stock. Raymond James’ price objective would indicate a potential upside of 13.31% from the company’s current price.

Several other research firms have also recently issued reports on ZYME. JPMorgan Chase & Co. started coverage on shares of Zymeworks in a research note on Tuesday, September 29th. They set a “neutral” rating on the stock. SVB Leerink raised their price target on shares of Zymeworks from $45.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday. Wells Fargo & Company raised their price target on shares of Zymeworks from $58.00 to $71.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Zacks Investment Research cut shares of Zymeworks from a “hold” rating to a “sell” rating in a research note on Saturday, November 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $56.30.

NYSE:ZYME opened at $52.95 on Tuesday. The firm has a 50-day moving average price of $51.82 and a two-hundred day moving average price of $41.15. Zymeworks has a twelve month low of $20.33 and a twelve month high of $59.03. The company has a market capitalization of $2.43 billion, a P/E ratio of -14.05 and a beta of 0.75.

Zymeworks (NYSE:ZYME) last posted its earnings results on Tuesday, November 3rd. The company reported ($1.43) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.89) by ($0.54). Zymeworks had a negative net margin of 569.13% and a negative return on equity of 44.06%. The business had revenue of $2.64 million for the quarter, compared to analysts’ expectations of $12.13 million. As a group, sell-side analysts predict that Zymeworks will post -3.35 EPS for the current year.

In other news, insider Diana Hausman sold 701 shares of Zymeworks stock in a transaction that occurred on Wednesday, December 2nd. The shares were sold at an average price of $55.01, for a total value of $38,562.01. Following the transaction, the insider now directly owns 7,840 shares of the company’s stock, valued at $431,278.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Neil A. Klompas sold 25,000 shares of Zymeworks stock in a transaction that occurred on Wednesday, December 9th. The stock was sold at an average price of $53.25, for a total transaction of $1,331,250.00. Following the completion of the transaction, the chief financial officer now directly owns 17,502 shares in the company, valued at $931,981.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,083 shares of company stock valued at $1,886,672. Corporate insiders own 4.20% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in Zymeworks by 331.4% in the 1st quarter. FMR LLC now owns 2,401,897 shares of the company’s stock valued at $38,863,000 after buying an additional 1,845,142 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Zymeworks in the 2nd quarter worth about $1,254,000. Bank of America Corp DE grew its holdings in shares of Zymeworks by 4.8% in the 2nd quarter. Bank of America Corp DE now owns 191,880 shares of the company’s stock worth $6,921,000 after purchasing an additional 8,773 shares during the last quarter. Glenmede Trust Co. NA bought a new stake in shares of Zymeworks in the 2nd quarter worth about $108,000. Finally, Man Group plc acquired a new position in Zymeworks during the 2nd quarter worth about $427,000. 75.11% of the stock is currently owned by institutional investors and hedge funds.

About Zymeworks

Zymeworks Inc, a clinical-stage biopharmaceutical company, engages in the discovery, development, and commercialization of bio-therapeutics for the treatment of cancer. The company's lead product candidates include ZW25, a bispecific antibody that is in Phase I and Phase II clinical trials for the treatment of biliary tract, gastroesophageal adenocarcinomas, breast, and other tumors; and ZW49, a bispecific antibody-drug conjugate that is in Phase I clinical trial for the treatment of advanced or metastatic HER2-expressing cancers.

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Analyst Recommendations for Zymeworks (NYSE:ZYME)

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