tiprankstipranks
Zymeworks upgraded to Outperform from Market Perform at Leerink
The Fly

Zymeworks upgraded to Outperform from Market Perform at Leerink

Leerink upgraded Zymeworks (ZYME) to Outperform from Market Perform with a price target of $25, up from $10, following the advancement of the wholly owned pipeline into the clinical stage setting, and ahead of the November 29th PDUFA for outlicensed zanidatimab. In 2022, Zymeworks outlicensed zanidatimab to Jazz Pharmaceuticals (JAZZ), which provided the company with non-dilutive capitalthat enabled them to overcome their precarious cash runway situation of early 2022 and reinvest in the pipeline. However, this decision tempered the investment thesis, as the remaining drugs were preclinical or had clinical hurdles, the firm notes. Leerink thinks the R&D investment has begun to materialize as the company enters the clinic with two of these programs and is close to IND for two other.

Don't Miss our Black Friday Offers:

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App