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On Monday, H.C. Wainwright analysts maintained a Neutral rating and a $13.00 price target on Zymeworks (NASDAQ: ZYME) stock. The reiteration follows the announcement by Zymeworks that the National Medical (TASE:BLWV) Products Administration (NMPA) in China approved zanidatamab for the treatment of patients with previously treated, unresectable or metastatic HER2-positive biliary tract cancer. The company, currently valued at approximately $796 million, has demonstrated strong financial health with a current ratio of 4.71x and maintains more cash than debt on its balance sheet.
The approval, which arrived earlier than the analysts’ expectations, marks the first dual HER2-targeted bispecific antibody approved for HER2-high expression in China. The analysts had initially anticipated that the approval would occur in the second half of 2025.
Zymeworks’ collaboration partner, BeOne Medicines Ltd., formerly known as BeiGene (NASDAQ:ONC), Ltd., secured the conditional approval under the Asia Pacific license and collaboration agreement with Zymeworks. The continued approval of this treatment will depend on the verification of clinical benefit through ongoing confirmatory trials.
Despite the positive regulatory news, H.C. Wainwright analysts maintained their Neutral rating and 12-month price target of $13.00, reflecting their cautious outlook on the stock’s performance. InvestingPro analysis suggests the stock is currently fairly valued, with analyst targets ranging from $12 to $30. Subscribers can access 7 additional ProTips and a comprehensive analysis of Zymeworks’ financial health and growth prospects.
In other recent news, Zymeworks Inc (NASDAQ:ZYME). reported a significant surge in revenue for Q1 2025, reaching $27.1 million, up from $10 million in the same quarter last year. This increase was largely driven by milestone payments from partners such as GSK and Daiichi Sankyo. Despite the revenue growth, the company recorded a net loss of $22.6 million, an improvement from the $31.7 million loss in Q1 2024. Additionally, Zymeworks received a conditional approval from China’s National Medical Products Administration for zanidatamab, a treatment for HER2-positive biliary tract cancer. This approval, based on the HERIZON-BTC-01 clinical study, marks the first of its kind in China for this patient group. In terms of analyst activity, TD Cowen initiated coverage of Zymeworks with a Buy rating, citing the potential of its Antibody-Drug Conjugates and multispecific T-cell engagers. The firm highlighted the potential of Ziihera, a product licensed to JAZZ Pharmaceuticals and ONCOLOGY VENTURE, to become a blockbuster following its approval in second-line Biliary Tract Cancer. Investors are closely monitoring Zymeworks as it continues to advance its pipeline and pursue regulatory milestones.
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