Zymeworks (NYSE:ZYME) Stock Price Down 7.2% – Time to Sell?

Zymeworks Inc. (NYSE:ZYME) dropped 7.2% during mid-day trading on Monday . The stock traded as low as $13.23 and last traded at $13.23. Approximately 124,564 shares traded hands during trading, a decline of 80% from the average daily volume of 610,564 shares. The stock had previously closed at $14.25.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Leerink Partners upgraded shares of Zymeworks from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $10.00 to $25.00 in a report on Thursday, November 7th. Leerink Partnrs upgraded Zymeworks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 7th. Citigroup upped their price target on Zymeworks from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. HC Wainwright reissued a “neutral” rating and issued a $12.00 price objective on shares of Zymeworks in a research note on Friday, November 22nd. Finally, Wells Fargo & Company lowered Zymeworks from an “overweight” rating to an “equal weight” rating and set a $12.00 target price on the stock. in a research report on Friday, November 1st. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Zymeworks Trading Down 7.8 %

The firm has a market cap of $905.06 million, a P/E ratio of -9.50 and a beta of 1.12. The company’s 50-day moving average is $14.07 and its two-hundred day moving average is $11.57.

Zymeworks (NYSE:ZYME) last posted its earnings results 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 23.00% and a negative net margin of 182.75%. The company had revenue of $16.00 million for the quarter, compared to analyst estimates of $17.90 million. During the same quarter last year, the company earned ($0.41) earnings per share. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. Research analysts anticipate that Zymeworks Inc. will post -1.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Zymeworks by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 2,458,105 shares of the company’s stock worth $25,859,000 after buying an additional 63,393 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Zymeworks by 17.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 15,664 shares of the company’s stock worth $165,000 after acquiring an additional 2,351 shares during the period. California State Teachers Retirement System boosted its position in Zymeworks by 2.9% in the first quarter. California State Teachers Retirement System now owns 43,420 shares of the company’s stock worth $457,000 after purchasing an additional 1,215 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in Zymeworks by 2.0% in the second quarter. SummerHaven Investment Management LLC now owns 90,158 shares of the company’s stock worth $767,000 after purchasing an additional 1,772 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Zymeworks by 5.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 309,703 shares of the company’s stock valued at $2,636,000 after purchasing an additional 14,825 shares during the period. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

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.