Zymeworks Inc. (ZYME) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Zymeworks Inc. (NYSE:ZYME) from a hold rating to a buy rating in a research note published on Tuesday. They currently have $7.75 price objective on the stock.

According to Zacks, “Zymeworks Inc. is a clinical-stage biopharmaceutical company. It engages in the discovery, development, and commercialization of bio-therapeutics for the treatment of cancer in Canada. The companys lead product candidate includes ZW25 and ZW33 which are in clinical trial stage. Zymeworks Inc. is headquartered in Vancouver, Canada. “

Other analysts have also recently issued research reports about the stock. Cormark reaffirmed a buy rating on shares of Zymeworks in a research note on Saturday, September 30th. Scotiabank lowered shares of Zymeworks from an overweight rating to an underweight rating in a research report on Thursday, September 7th. Finally, Barclays PLC reiterated an underweight rating and set a $8.00 target price on shares of Zymeworks in a research report on Thursday, September 7th. Two investment analysts have rated the stock with a sell rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $14.35.

Zymeworks (NYSE:ZYME) traded down $0.36 during trading hours on Tuesday, hitting $8.24. 24,200 shares of the stock traded hands, compared to its average volume of 23,375. Zymeworks has a one year low of $6.25 and a one year high of $14.25.

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Several hedge funds have recently modified their holdings of the company. OxFORD Asset Management LLP acquired a new stake in Zymeworks in the 2nd quarter worth about $154,000. Franklin Resources Inc. acquired a new position in shares of Zymeworks during the 2nd quarter valued at $6,878,000. Sentry Investments Corp. acquired a new position in shares of Zymeworks during the 2nd quarter valued at $206,000. Finally, Barometer Capital Management Inc. acquired a new position in shares of Zymeworks during the 2nd quarter valued at $484,000. 8.17% of the stock is owned by institutional investors.

About Zymeworks

Zymeworks Inc is a Canada-based clinical-stage biopharmaceutical company. The Company focuses on the discovery, development and commercialization of multifunctional biotherapeutics. The Company’s ZymeCAD platform is for protein modeling and structure-guided protein engineering. The Company’s platforms include Azymetric Platform, AlbuCORE Platform, EFECT Platform and Zymelink Conjugation Platform + Cytotoxins.

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