Citigroup maintains Buy rating for Zymeworks with new price target of $22.

Citigroup maintains Buy rating for Zymeworks with new price target of $22.

Citigroup analysts have maintained their Buy rating for Zymeworks (NASDAQ: ZYME), a clinical-stage biotechnology company, with an updated price target of $22. This decision comes following Zymeworks' strong financial performance and significant regulatory and partnership milestones achieved in the second quarter of 2025.

In its Q2 2025 financial results, Zymeworks reported $48.7 million in revenue, up from $19.2 million in the same period last year, and achieved a net income of $2.3 million [1]. The company secured FDA clearance for ZW251's IND application and reported $333.4 million in cash resources as of June 30, 2025. Notably, Zymeworks' strategic partnership with Jazz Pharmaceuticals has shown promising long-term data for Ziihera® in gastroesophageal adenocarcinoma, with a median overall survival of 36.5 months [2].

Key developments include the Chinese and European approval for zanidatamab in HER2-positive biliary tract cancer, generating $5.5 million in net product sales [3]. Additionally, Zymeworks has secured NMPA approval in China for zanidatamab, triggering a $20 million milestone payment from BeOne Medicines and potential for additional $144 million in development and commercial milestones [4].

The company's pipeline continues to advance, with presentations at the AACR Annual Meeting showcasing progress in their antibody-drug conjugate and T cell engager platforms [5]. Citigroup's analysts believe that Zymeworks' strong cash position, strategic partnerships, and promising pipeline make the company well-positioned for future growth.

References:
[1] https://www.stocktitan.net/news/ZYME/
[2] https://www.stocktitan.net/news/ZYME/
[3] https://www.stocktitan.net/news/ZYME/
[4] https://www.stocktitan.net/news/ZYME/
[5] https://www.stocktitan.net/news/ZYME/