Zymeworks (NYSE:ZYME) Price Target Cut to $16.00 by Analysts at Citigroup

Zymeworks (NYSE:ZYME) had its price target reduced by investment analysts at Citigroup from $17.00 to $16.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target points to a potential upside of 73.91% from the company’s previous close.

Separately, Wells Fargo & Company decreased their target price on Zymeworks from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday.

Zymeworks Trading Up 2.2 %

Shares of NYSE ZYME traded up $0.20 during trading hours on Friday, hitting $9.20. 655,723 shares of the company traded hands, compared to its average volume of 587,403. The stock has a market capitalization of $649.24 million, a price-to-earnings ratio of -5.29 and a beta of 1.16. The company’s 50 day moving average price is $10.18 and its 200 day moving average price is $9.68. Zymeworks has a 12 month low of $6.01 and a 12 month high of $13.14.

Zymeworks (NYSE:ZYME) last posted its quarterly earnings data on Wednesday, March 6th. The company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.19. Zymeworks had a negative net margin of 156.12% and a negative return on equity of 26.20%. The company had revenue of $16.93 million for the quarter, compared to analyst estimates of $18.32 million. Equities analysts anticipate that Zymeworks will post -1.04 EPS for the current year.

Hedge Funds Weigh In On Zymeworks

Institutional investors have recently made changes to their positions in the company. Rubric Capital Management LP lifted its holdings in Zymeworks by 31.1% during the fourth quarter. Rubric Capital Management LP now owns 3,475,384 shares of the company’s stock valued at $36,109,000 after purchasing an additional 823,990 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of Zymeworks by 742.4% in the third quarter. Acadian Asset Management LLC now owns 825,988 shares of the company’s stock valued at $5,233,000 after purchasing an additional 727,934 shares during the period. Jupiter Asset Management Ltd. raised its stake in Zymeworks by 913.0% during the third quarter. Jupiter Asset Management Ltd. now owns 474,724 shares of the company’s stock worth $3,010,000 after purchasing an additional 427,860 shares during the period. AQR Capital Management LLC raised its stake in Zymeworks by 70.3% during the third quarter. AQR Capital Management LLC now owns 799,679 shares of the company’s stock worth $5,070,000 after purchasing an additional 330,213 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in Zymeworks in the 1st quarter valued at about $1,752,000. 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.