Zymeworks price target raised to $21 from $19 at Stifel

Stifel analyst Stephen Willey raised the firm’s price target on Zymeworks to $21 from $19 and keeps a Buy rating on the shares. Management’s decision to deprioritize the initiation of the previously-planned Phase 2 trial evaluating zanidatamab zovodotin and anti-PD-(L)1 mAb in HER2+ NSCLC “has little impact on our estimates” and valuation, says the analyst, who believes accelerating the development of the company’s earlier-stage pipeline of novel ADCs and TCEs will likely yield a “much higher” longer-term return on investment.