Zymeworks (NYSE:ZYME) Upgraded by JPMorgan Chase & Co. to Overweight Rating

JPMorgan Chase & Co. upgraded shares of Zymeworks (NYSE:ZYME) from a neutral rating to an overweight rating in a report issued on Monday, Marketbeat Ratings reports. They currently have $18.00 target price on the stock.

ZYME has been the subject of a number of other research reports. Citigroup increased their price target on shares of Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Leerink Partnrs upgraded shares of Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Leerink Partners raised Zymeworks from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $10.00 to $25.00 in a report on Thursday, November 7th. Wells Fargo & Company downgraded Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 price objective for the company. in a research note on Friday, November 1st. Finally, HC Wainwright reiterated a “neutral” rating and issued a $12.00 target price on shares of Zymeworks in a research note on Friday, November 22nd. Two 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $18.83.

Zymeworks Stock Performance

Shares of ZYME stock opened at $12.74 on Monday. The stock’s 50-day moving average is $14.16 and its two-hundred day moving average is $11.79. Zymeworks has a 1 year low of $7.97 and a 1 year high of $17.70. The firm has a market cap of $877.51 million, a price-to-earnings ratio of -8.49 and a beta of 1.12.

Zymeworks (NYSE:ZYME) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. The firm had revenue of $16.00 million for the quarter, compared to the consensus estimate of $17.90 million. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.41) EPS. As a group, research analysts predict that Zymeworks will post -1.43 EPS for the current year.

Hedge Funds Weigh In On Zymeworks

Large investors have recently modified their holdings of the business. FMR LLC boosted its stake in shares of 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 buying an additional 1,525 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Zymeworks in the third quarter valued at $47,000. nVerses Capital LLC purchased a new stake in shares of Zymeworks during the 3rd quarter worth $79,000. Quest Partners LLC grew its stake in shares of Zymeworks by 8,049.6% during the 2nd quarter. Quest Partners LLC now owns 9,209 shares of the company’s stock worth $78,000 after purchasing an additional 9,096 shares during the period. Finally, MQS Management LLC purchased a new position in shares of Zymeworks in the 2nd quarter valued at about $92,000. 92.89% of the stock is owned by hedge funds and other institutional investors.

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.