HC Wainwright Reiterates “Neutral” Rating for Zymeworks (NYSE:ZYME)

Zymeworks (NYSE:ZYME)‘s stock had its “neutral” rating reiterated by equities researchers at HC Wainwright in a note issued to investors on Tuesday, Benzinga reports. They currently have a $10.00 price target on the stock. HC Wainwright’s price target would indicate a potential upside of 10.38% from the company’s current price.

Several other equities research analysts also recently commented on ZYME. Wells Fargo & Company dropped their target price on Zymeworks from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday. Citigroup dropped their target price on Zymeworks from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Friday.

Zymeworks Stock Down 1.5 %

NYSE ZYME opened at $9.06 on Tuesday. Zymeworks has a twelve month low of $6.01 and a twelve month high of $13.14. The firm has a market capitalization of $640.63 million, a PE ratio of -5.06 and a beta of 1.16. The stock’s 50 day moving average is $10.06 and its 200 day moving average is $9.74.

Zymeworks (NYSE:ZYME) last released its quarterly earnings results on Wednesday, March 6th. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.19. Zymeworks had a negative return on equity of 28.37% and a negative net margin of 249.63%. The company had revenue of $16.93 million for the quarter, compared to analyst estimates of $18.32 million. On average, research analysts anticipate that Zymeworks will post -1.04 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Empowered Funds LLC raised its stake in shares of Zymeworks by 8.2% in the first quarter. Empowered Funds LLC now owns 295,783 shares of the company’s stock worth $3,112,000 after purchasing an additional 22,367 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in Zymeworks during the first quarter valued at $273,000. China Universal Asset Management Co. Ltd. increased its position in Zymeworks by 66.0% during the first quarter. China Universal Asset Management Co. Ltd. now owns 13,444 shares of the company’s stock valued at $141,000 after acquiring an additional 5,344 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Zymeworks during the first quarter valued at $1,752,000. Finally, AlphaMark Advisors LLC bought a new stake in Zymeworks during the first quarter valued at about $32,000. 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.