Zymeworks (NYSE:ZYME) Shares Down 2.4% – Here’s Why

Zymeworks Inc. (NYSE:ZYME) dropped 2.4% on Friday . The company traded as low as $13.21 and last traded at $13.25. Approximately 95,386 shares were traded during trading, a decline of 84% from the average daily volume of 606,966 shares. The stock had previously closed at $13.58.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. HC Wainwright reissued a “neutral” rating and set a $12.00 price target on shares of Zymeworks in a research report on Friday, November 22nd. Citigroup increased their target price on shares of Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Leerink Partners upgraded shares of Zymeworks from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $10.00 to $25.00 in a report on Thursday, November 7th. JPMorgan Chase & Co. upgraded shares of Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective on the stock in a research note on Monday. Finally, Leerink Partnrs raised shares of Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.17.

Zymeworks Stock Performance

The firm’s 50 day moving average is $14.16 and its 200 day moving average is $11.79. The stock has a market cap of $943.63 million, a P/E ratio of -9.13 and a beta of 1.12.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.01. The firm had revenue of $16.00 million during the quarter, compared to analyst estimates of $17.90 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. Zymeworks’s revenue was down 3.1% on a year-over-year basis. During the same period last year, the firm posted ($0.41) EPS. As a group, analysts expect that Zymeworks Inc. will post -1.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ZYME. Charles Schwab Investment Management Inc. boosted its holdings in Zymeworks by 0.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 132,798 shares of the company’s stock valued at $1,667,000 after purchasing an additional 650 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Zymeworks by 11.1% in the second quarter. Arizona State Retirement System now owns 12,841 shares of the company’s stock worth $109,000 after buying an additional 1,285 shares during the last quarter. FMR LLC grew its holdings in Zymeworks by 84.2% during the third quarter. FMR LLC now owns 3,336 shares of the company’s stock worth $42,000 after acquiring an additional 1,525 shares during the period. Stifel Financial Corp raised its position in Zymeworks by 2.1% during the third quarter. Stifel Financial Corp now owns 73,654 shares of the company’s stock valued at $924,000 after acquiring an additional 1,540 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Zymeworks by 13.2% in the second quarter. The Manufacturers Life Insurance Company now owns 22,695 shares of the company’s stock valued at $193,000 after acquiring an additional 2,653 shares during the period. 92.89% of the stock is owned by institutional investors and hedge funds.

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.