Shares of Zymeworks Inc. (ZYME) surged as much as 9.55% in pre-market trading on Wednesday, November 7th, following an analyst rating upgrade from Leerink Partners.

Leerink Partners raised its rating on the biopharmaceutical company from Market Perform to Outperform, citing positive factors that were not disclosed in the brief news summary. The upgrade drove a significant upward movement in Zymeworks' stock price ahead of the regular trading session.

Analyst upgrades and positive ratings often lead to increased investor confidence and buying interest in a company's stock, resulting in a surge in its share price. The market reaction underscores the impact that analyst recommendations can have on stock valuations.