Wells downgrades Zymeworks with zanidatamab approval priced in

Wells Fargo analyst Derek Archila downgraded Zymeworks (ZYME) to Equal Weight from Overweight with an unchanged price target of $13. The firm thinks value for a zanidatamab approval in biliary tract cancer and royalties under the collaboration with Jazz Pharmaceuticals (JAZZ) are largely priced into the shares. Further, early data from Zymeworks’ wholly-owned pipeline is “at best” a second half of 2025 event, the analyst tells investors in a research note. Wells believes the shares look fully valued at current levels.