Zymeworks price target raised to $28 from $21 at Stifel

Stifel raised the firm’s price target on Zymeworks (ZYME) to $28 from $21 and keeps a Buy rating on the shares. After having recently hosted a series of investor meetings with management, the firm says the company now appears “poised to capitalize on the regulatory/clinical success of JAZZ/BGNE-partnered zanidatamab and a wholly-owned/earlier-stage pipeline comprised of differentiated molecules within asset classes of high strategic/thematic relevance.” Based on the firm’s updated zanidatamab estimates, the firm views Zyme shares as “currently undervalued by ~2x per zanidatamab-derived economics alone,” the analyst tells investors.