Zymeworks (NYSE:ZYME) Reaches New 52-Week High – Here’s What Happened

Zymeworks Inc. (NYSE:ZYME) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $17.26 and last traded at $17.25, with a volume of 116034 shares. The stock had previously closed at $16.63.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ZYME. Leerink Partnrs raised shares of Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Wells Fargo & Company downgraded Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 price target on the stock. in a research report on Friday, November 1st. Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $10.00 to $25.00 in a research report on Thursday, November 7th. HC Wainwright reissued a “neutral” rating and issued a $12.00 price target on shares of Zymeworks in a research note on Friday, November 1st. Finally, Stifel Nicolaus increased their price objective on shares of Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a report on Monday, October 28th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.00.

Zymeworks Trading Down 1.1 %

The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -11.48 and a beta of 1.16. The company has a fifty day moving average price of $13.23 and a two-hundred day moving average price of $10.85.

Zymeworks (NYSE:ZYME) last issued its earnings results on Thursday, October 31st. The company reported ($0.39) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. The company had revenue of $16.00 million for the quarter, compared to the consensus estimate of $17.90 million. Zymeworks had a negative net margin of 182.75% and a negative return on equity of 23.00%. Zymeworks’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.41) earnings per share. As a group, equities research analysts expect that Zymeworks Inc. will post -1.01 earnings per share for the current year.

Hedge Funds Weigh In On Zymeworks

A number of hedge funds have recently modified their holdings of the business. FMR LLC lifted its holdings in Zymeworks by 84.2% during the 3rd quarter. FMR LLC now owns 3,336 shares of the company’s stock worth $42,000 after buying an additional 1,525 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Zymeworks in the third quarter valued at $47,000. Quest Partners LLC grew its stake in 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 in the last quarter. nVerses Capital LLC purchased a new position in shares of Zymeworks in the 3rd quarter valued at about $79,000. Finally, MQS Management LLC acquired a new position in shares of Zymeworks during the second quarter worth about $92,000. 92.89% of the stock is currently 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.