Wells Fargo & Company Issues Positive Forecast for Zymeworks (NYSE:ZYME) Stock Price

Zymeworks (NYSE:ZYME) had its price objective lifted by Wells Fargo & Company from $12.00 to $14.00 in a research report report published on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other brokerages have also weighed in on ZYME. Leerink Partnrs raised Zymeworks from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Citigroup upped their target price on Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Stifel Nicolaus raised their price target on shares of Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. HC Wainwright restated a “neutral” rating and set a $12.00 price objective on shares of Zymeworks in a research note on Friday, November 22nd. Finally, Leerink Partners upgraded shares of Zymeworks from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $10.00 to $25.00 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 issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $19.17.

Zymeworks Stock Up 6.6 %

NYSE:ZYME opened at $13.58 on Thursday. The firm has a 50 day moving average of $14.16 and a 200 day moving average of $11.79. The stock has a market capitalization of $935.36 million, a price-to-earnings ratio of -9.05 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) last announced its earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $17.90 million. During the same period in the previous year, the business earned ($0.41) EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, analysts expect that Zymeworks will post -1.43 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ZYME. FMR LLC grew its holdings in Zymeworks by 84.2% in the third 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 period. DekaBank Deutsche Girozentrale purchased a new position in shares of Zymeworks during the 3rd quarter valued at approximately $47,000. Quest Partners LLC grew 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 acquiring an additional 9,096 shares during the period. nVerses Capital LLC purchased a new stake in Zymeworks in the 3rd quarter worth $79,000. Finally, MQS Management LLC purchased a new position in Zymeworks during the second quarter valued at $92,000. Hedge funds and other institutional investors own 92.89% of the company’s stock.

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.