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

Zymeworks Inc. (NYSE:ZYME) shares gapped down before the market opened on Friday . The stock had previously closed at $13.70, but opened at $12.77. Zymeworks shares last traded at $12.57, with a volume of 132,029 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ZYME shares. Stifel Nicolaus upped their target price on shares of Zymeworks from $21.00 to $28.00 and gave the stock a “buy” rating in a report on Monday. HC Wainwright restated a “neutral” rating and issued a $12.00 price target on shares of Zymeworks in a research report on Friday. Finally, Wells Fargo & Company lowered Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 price objective on the stock. in a research note on Friday.

Zymeworks Trading Down 6.9 %

The stock has a market capitalization of $906.60 million, a PE ratio of -8.27 and a beta of 1.20. The firm’s fifty day moving average is $12.50 and its 200-day moving average is $10.40.

Zymeworks (NYSE:ZYME) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.01. Zymeworks had a negative return on equity of 21.97% and a negative net margin of 179.42%. The business had revenue of $16.00 million during the quarter, compared to analysts’ expectations of $17.90 million. During the same period in the previous year, the firm posted ($0.41) earnings per share. The company’s revenue was down 3.1% on a year-over-year basis. As a group, equities analysts predict that Zymeworks Inc. will post -0.92 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale acquired a new position in Zymeworks during the 3rd quarter worth $47,000. Quest Partners LLC raised its holdings in Zymeworks by 8,049.6% in the second quarter. Quest Partners LLC now owns 9,209 shares of the company’s stock valued at $78,000 after acquiring an additional 9,096 shares in the last quarter. nVerses Capital LLC acquired a new position in Zymeworks during the 3rd quarter worth approximately $79,000. MQS Management LLC acquired a new stake in shares of Zymeworks in the 2nd quarter valued at $92,000. Finally, Arizona State Retirement System lifted its position in shares of Zymeworks by 11.1% during the 2nd quarter. Arizona State Retirement System now owns 12,841 shares of the company’s stock worth $109,000 after purchasing an additional 1,285 shares during the last quarter. Institutional investors and hedge funds 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.