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Investing.com - H.C. Wainwright has reiterated its Neutral rating and $13.00 price target on Zymeworks (NASDAQ:ZYME) following recent developments with its zanidatamab therapy. The company, currently trading near $12.89, has delivered an impressive 53.6% return over the past year. According to InvestingPro data, analyst targets range from $12 to $30, suggesting significant potential upside.
The European Commission recently granted marketing authorization to Ziihera (zanidatamab), which is being commercialized by Jazz Pharmaceuticals (NASDAQ:JAZZ), for treating adults with previously treated, unresectable or metastatic HER2-positive (IHC 3+) biliary tract cancer.
Clinical data presented at ASCO 2024 showed zanidatamab achieved a 51.6% objective response rate and median duration of response of 14.9 months in this patient population, significantly outperforming standard second-line therapy which typically shows only 5-15% response rates.
The treatment demonstrated a median progression-free survival of 7.2 months in IHC 3+ HER2+ biliary tract cancer patients and median overall survival of 15.5 months across all HER2+ biliary tract cancer patients, with better outcomes (18.1 months) specifically in those with IHC 3+ tumors.
Approximately 12,000 HER2+ biliary tract cancer cases occur annually across the United States, five major European countries, and Japan, representing the potential market for this therapy.
In other recent news, Zymeworks has received a conditional approval from China’s National Medical (TASE:BLWV) Products Administration for zanidatamab, a novel bispecific antibody targeting HER2-positive biliary tract cancer. This approval, achieved earlier than anticipated by analysts at H.C. Wainwright, marks a significant milestone for the company and its partner, BeOne Medicines Ltd. Despite this regulatory success, H.C. Wainwright maintained a Neutral rating on Zymeworks stock with a $13.00 price target. Meanwhile, Stifel analysts reiterated their Buy rating with a $28.00 price target, following promising Phase 2 trial results for zanidatamab combined with chemotherapy in HER2-positive gastroesophageal adenocarcinoma. These results showed a notable median overall survival, and Phase 3 trial data is expected in the second half of 2025. Additionally, TD Cowen initiated coverage of Zymeworks with a Buy rating, citing the potential of their Antibody-Drug Conjugates and multispecific T-cell engagers. The firm highlighted the potential blockbuster status of Ziihera, licensed to JAZZ Pharmaceuticals and ONCOLOGY VENTURE, in second-line biliary tract cancer. Investors are closely monitoring Zymeworks as it advances its pipeline and approaches key data releases in 2025.
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