Zymeworks (NYSE:ZYME) Shares Gap Up – Should You Buy?

Zymeworks Inc. (NYSE:ZYME)’s stock price gapped up before the market opened 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 traded.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ZYME shares. Leerink Partners raised shares of Zymeworks from a “market perform” rating to an “outperform” rating and raised their price target for the company from $10.00 to $25.00 in a research note on Thursday, November 7th. Leerink Partnrs raised Zymeworks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. upgraded Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price target on the stock in a research report on Monday. Citigroup increased their price target on Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, HC Wainwright reiterated a “neutral” rating and issued a $12.00 target price on shares of Zymeworks in a report on Friday, November 22nd. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Zymeworks presently has an average rating of “Moderate Buy” and an average price target of $18.83.

Zymeworks Price Performance

The firm has a market capitalization of $920.90 million, a P/E ratio of -8.91 and a beta of 1.12. The stock has a fifty day simple moving average of $14.14 and a two-hundred day simple moving average of $11.75.

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

Institutional Trading of Zymeworks

Large investors have recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new position in Zymeworks during the 2nd quarter worth approximately $1,683,000. Rubric Capital Management LP raised its position in shares of Zymeworks by 12.7% during the second quarter. Rubric Capital Management LP now owns 3,917,331 shares of the company’s stock worth $33,336,000 after purchasing an additional 441,947 shares during the period. Vestal Point Capital LP lifted its holdings in shares of Zymeworks by 39.8% in the 3rd quarter. Vestal Point Capital LP now owns 615,000 shares of the company’s stock worth $7,718,000 after purchasing an additional 175,000 shares in the last quarter. Squarepoint Ops LLC grew its position in Zymeworks by 401.9% in the 2nd quarter. Squarepoint Ops LLC now owns 73,324 shares of the company’s stock valued at $624,000 after purchasing an additional 58,716 shares during the period. Finally, Perceptive Advisors LLC increased its stake in Zymeworks by 55.2% during the 2nd quarter. Perceptive Advisors LLC now owns 1,667,711 shares of the company’s stock valued at $14,192,000 after purchasing an additional 592,904 shares in the last quarter. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Zymeworks Company Profile

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.