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Zymeworks Inc . (NASDAQ:ZYME) maintained its stock rating and price target following the presentation of clinical trial results for its cancer treatment at the European Society for Medical Oncology (ESMO) 2024. H.C. Wainwright reiterated a Neutral rating and a $10.00 price target for the company's shares.
The results in question stem from a Phase 2 trial evaluating zanidatamab in combination with standard first-line chemotherapy for patients with HER2+ gastroesophageal adenocarcinoma (GEA). This trial's data was previously presented at the American Society of Clinical Oncology Gastrointestinal Cancers Symposium earlier in the year.
The combination treatment, involving 46 patients, of which 61% were Caucasian and 78% had IHC 3+ tumors, showed a confirmed overall response rate (ORR) of 84%, including an 11% complete response (CR) rate.
The median duration of response (mDOR) was reported at 18.7 months, with a median progression-free survival (mPFS) of 15.2 months. Additionally, the 18-, 24-, and 30-month overall survival (OS) rates were 85%, 65%, and 59%, respectively.
The reiteration of the Neutral rating indicates that the investment firm's stance on Zymeworks' stock remains unchanged in light of the recent clinical findings. The company's performance in the trial appears to have met the expectations set by the analysts at H.C. Wainwright, leading to the continuation of the previously set price target.
In other recent news, Zymeworks has reported significant advancements in its Q2 2024 financial results, with a cash position of $395.9 million and the initiation of a $60 million share repurchase program. Stifel maintains a Buy rating on Zymeworks shares, based on data from a Phase 2 trial of zanidatamab combined with chemotherapy.
The results from the trial, released alongside the European Society for Medical Oncology abstracts, indicate this treatment could outperform the current standard-of-care TOGA regimen.
Key opinion leaders suggest that this could lead to a shift in treatment practices. In addition, Zymeworks has made notable changes in its executive leadership, with Leone Patterson appointed as Executive Vice President, Chief Business Officer, and Chief Financial Officer.
The company has received a priority review for its zanidatamab Biologics License Application for biliary tract cancers in the U.S., with ongoing reviews in Europe and China.
Zymeworks' partner, Jazz, has initiated a Phase 3 trial for zanidatamab in combination with chemotherapy. However, the company has discontinued the development of zanidatamab zovadotin to focus on early-stage programs.
InvestingPro Insights
As Zymeworks Inc. (NASDAQ:ZYME) continues to make strides in clinical trials, a closer look at the company's financial health and market performance through InvestingPro data reveals key insights. With a market cap of approximately $873.88 million and a challenging gross profit margin of -93.37% over the last twelve months as of Q2 2024, Zymeworks' financial landscape is complex. Despite the negative gross profit, the company's stock has demonstrated resilience with a significant one-year total return of 81.15%, indicating strong investor confidence in its long-term prospects.
InvestingPro Tips suggest a nuanced picture: Zymeworks is noted for holding more cash than debt, a sign of financial stability, and analysts have revised their earnings upwards for the upcoming period, hinting at potential growth. However, the company is not expected to be profitable this year, and it does not pay a dividend to shareholders, which may influence investment strategies. For investors seeking a deeper dive into Zymeworks' potential, there are 11 additional InvestingPro Tips available, offering a comprehensive analysis of the company's financial and market performance.
These insights, drawn from InvestingPro, provide valuable context for understanding Zymeworks' position in the market, complementing the clinical trial results that have maintained the company's stock rating and price target. As Zymeworks navigates the competitive landscape of cancer treatment development, these financial metrics and expert tips can help investors make informed decisions.
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