Zymeworks price target lowered to $12 from $14 at Wells Fargo

Wells Fargo lowered the firm’s price target on Zymeworks (ZYME) to $12 from $14 and keeps an Overweight rating on the shares. Zymeworks has limited clinical catalysts, but Wells thinks shares still trade at a discount based on value for zanidatamab, the analyst tells investors in a research note. Zanidatamab in Biliary Tract Cancer approval should trigger a regulatory milestone from Jazz Pharmaceuticals (JAZZ), which offers upside for the stocks, Wells contends.