Shares of Zymeworks Inc. (ZYME) plunged 6.91% on November 1, 2024, after the biopharmaceutical company received a downgrade from Wells Fargo and reported mixed results for its latest quarterly earnings.
Wells Fargo analysts downgraded their rating on Zymeworks from Overweight to Equalweight, setting a new price target of $12 per share, down from their previous target. The downgrade came as a surprise to investors and contributed to the significant selloff in ZYME stock.
Additionally, Zymeworks reported its earnings for the quarter ended January 1, 2024. While the company's revenue of $16 million slightly exceeded analyst expectations of $15.3 million, it reported an adjusted loss per share of $0.39, higher than the expected loss of $0.40 per share. The mixed results further weighed on investor sentiment, compounding the negative impact of the Wells Fargo downgrade.
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