Stock Track | Zymeworks Plummets Nearly 7% After Wells Fargo Downgrade and Mixed Earnings

Stock Track

Nov 01, 2024

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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(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.</p>\n\n<p>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.</p>\n\n<p>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.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ZYME","symbol_name":"ZYMEWORKS INC (US)","start_time":0,"source_url":"","article_id":"1180344892","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1180344892","pubTimestamp":1730468000,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Zymeworks Inc.  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. 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