Zymeworks (NYSE:ZYME) Shares Down 2.4% – Should You Sell?

Shares of Zymeworks Inc. (NYSE:ZYME) fell 2.4% on Friday . The company traded as low as $13.21 and last traded at $13.25. 95,386 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 606,966 shares. The stock had previously closed at $13.58.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ZYME. Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 7th. Stifel Nicolaus raised their price objective on Zymeworks from $21.00 to $28.00 and gave the company a “buy” rating in a report on Monday, October 28th. Citigroup raised their price objective on Zymeworks from $16.00 to $18.00 and gave the company a “buy” rating in a report on Monday, November 4th. Leerink Partners upgraded Zymeworks from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $10.00 to $25.00 in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. upgraded Zymeworks from a “neutral” rating to an “overweight” rating and set a $18.00 price objective on the stock in a report on Monday, December 16th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Zymeworks presently has an average rating of “Moderate Buy” and an average price target of $19.17.

Zymeworks Stock Performance

The firm has a market capitalization of $973.93 million, a price-to-earnings ratio of -9.43 and a beta of 1.12. The business has a 50 day simple moving average of $14.19 and a 200-day simple moving average of $11.85.

Zymeworks (NYSE:ZYME) last issued its 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. Zymeworks had a negative return on equity of 23.00% and a negative net margin of 182.75%. The business had revenue of $16.00 million during the quarter, compared to the consensus estimate of $17.90 million. During the same period last year, the company earned ($0.41) EPS. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities analysts predict that Zymeworks Inc. will post -1.43 earnings per share for the current fiscal year.

Institutional Trading of Zymeworks

A number of hedge funds and other institutional investors have recently modified their holdings of ZYME. Perceptive Advisors LLC increased its position in shares of Zymeworks by 55.2% during the 2nd quarter. Perceptive Advisors LLC now owns 1,667,711 shares of the company’s stock worth $14,192,000 after purchasing an additional 592,904 shares during the last quarter. Rubric Capital Management LP increased its position in shares of Zymeworks by 12.7% during the 2nd 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 last quarter. Dimensional Fund Advisors LP increased its position in shares of Zymeworks by 127.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 715,632 shares of the company’s stock worth $6,090,000 after purchasing an additional 401,068 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Zymeworks during the 3rd quarter worth about $4,156,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Zymeworks during the 2nd quarter worth about $1,683,000. 92.89% of the stock is 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.