Zymeworks Inc. (NYSE:ZYME – Get Free Report) shares were down prior to trading on Thursday. The stock previously closed at $10.35, but opened at $10.05. Zymeworks shares last traded at $10.12, with volume of 4,308 shares.

Analysts set new price targets

A number of brokerages have recently commented on ZYME. Citigroup lowered their price target on shares of Zymeworks from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Wells Fargo & Company lowered their price target on shares of Zymeworks from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $10.00 price target on shares of Zymeworks in a research note on Thursday, June 6th.

Check out our latest stock report on ZYME

Zymeworks shares down 0.3%

The company’s 50-day moving average price is $8.96 and 200-day moving average price is $9.93.

Zymeworks (NYSE:ZYME – Get Free Report) last released quarterly earnings results on Thursday, May 2nd. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.11). Zymeworks had a negative net margin of 249.63% and a negative return on equity of 28.37%. The company had revenue of $10.03 million for the quarter, compared to the consensus estimate of $17.98 million. As a group, equities research analysts expect Zymeworks Inc. to post -1.23 EPS for the current year.

Institutional Trading of Zymeworks

Several institutional investors have recently added to or reduced their stakes in the company. Rubric Capital Management LP increased its stake in shares of Zymeworks by 31.1% in the fourth quarter. Rubric Capital Management LP now owns 3,475,384 shares of the company’s stock worth $36,109,000 after purchasing an additional 823,990 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Zymeworks in the first quarter worth approximately $579,000. Assenagon Asset Management SA purchased a new position in Zymeworks in the first quarter worth approximately $1,752,000. Wellington Management Group LLP increased its stake in shares of Zymeworks by 177.9% in the third quarter. Wellington Management Group LLP now owns 156,682 shares of the company’s stock worth $993,000 after acquiring an additional 100,304 shares in the last quarter. Finally, Ritholtz Wealth Management purchased a new stake in shares of Zymeworks in the fourth quarter worth approximately $329,000. 92.89% of the shares are currently owned by hedge funds and other institutional investors.

About Zymeworks

(Get free report)

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-directed antibody-drug conjugate that is in Phase 2 clinical trials for the treatment of advanced or metastatic HER2-expressing tumors.

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