Zymeworks jumps after JPM upgrades stock to 'overweight'

Zymeworks

16/12/2024 15:44

** Cancer therapy developer Zymeworks'  ZYME.O  shares up as
much as 10.6% to $13.91
    ** Brokerage J.P.Morgan upgrades company's shares to
"overweight" from "neutral", raises PT by $6 to $18
    ** Recent R&D day event has brokerage more confident in
company's oncology and autoimmune diseases pipeline, with two
distinct TCE, ADC cancer therapies progressing in the clinics -
JPM
    ** Company's cancer drug Zani provides "solid support" to
stock valuation - brokerage
    ** JPM believes 2025 is the year to pay attention and could
begin to see one or more of company's "5x5" pipeline plan
succeeding in clinics
    ** Zymeworks' internal portfolio is largely underappreciated
at this level as it begins to take shape as a true "multiple
shots on goal" story with attractive upside potential -
brokerage
    ** Brokerage Jefferies also raises PT on company's shares by
$2 to $24
    ** 6 of 8 brokerages rate the stock "buy" or higher, and 2
"hold"; median PT $18.75 - LSEG
    ** Including session moves, stock up 32% YTD

(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com))