Zymeworks (NYSE:ZYME) Shares Gap Up – Here’s Why

Zymeworks Inc. (NYSE:ZYME)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $12.58, but opened at $13.47. Zymeworks shares last traded at $13.72, with a volume of 78,790 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have commented on ZYME shares. 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 report on Monday. HC Wainwright reiterated a “neutral” rating and issued a $12.00 price objective on shares of Zymeworks in a report on Friday, November 22nd. Stifel Nicolaus upped their price target on shares of Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Wells Fargo & Company downgraded shares of Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 price target on the stock. in a research note on Friday, November 1st. Finally, Leerink Partners upgraded shares of Zymeworks from a “market perform” rating to an “outperform” rating and upped their price target for the company from $10.00 to $25.00 in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.83.

Zymeworks Stock Performance

The company has a market capitalization of $958.81 million, a P/E ratio of -9.25 and a beta of 1.12. The stock has a 50 day moving average price of $14.11 and a 200 day moving average price of $11.72.

Zymeworks (NYSE:ZYME) last announced its quarterly earnings data 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 company had revenue of $16.00 million during the quarter, compared to analyst estimates of $17.90 million. During the same quarter last year, the firm posted ($0.41) EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, sell-side analysts expect that Zymeworks Inc. will post -1.43 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC boosted its position in shares of Zymeworks by 476.3% during the 3rd quarter. Barclays PLC now owns 154,384 shares of the company’s stock valued at $1,937,000 after acquiring an additional 127,595 shares during the last quarter. Jane Street Group LLC lifted its position in Zymeworks by 27.3% in the third quarter. Jane Street Group LLC now owns 80,326 shares of the company’s stock valued at $1,008,000 after purchasing an additional 17,205 shares during the last quarter. State Street Corp lifted its position in Zymeworks by 6.1% in the third quarter. State Street Corp now owns 1,171,777 shares of the company’s stock valued at $14,706,000 after purchasing an additional 67,401 shares during the last quarter. Stifel Financial Corp lifted its position in Zymeworks by 2.1% in the third quarter. Stifel Financial Corp now owns 73,654 shares of the company’s stock valued at $924,000 after purchasing an additional 1,540 shares during the last quarter. Finally, Vestal Point Capital LP lifted its position in Zymeworks by 39.8% in the third quarter. Vestal Point Capital LP now owns 615,000 shares of the company’s stock valued at $7,718,000 after purchasing an additional 175,000 shares during the last quarter. 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.