Zymeworks Gains Buy Rating Following FDA Approval of Zanidatamab

Zymeworks (ZYME) has received a Buy rating from Bloom Burton analyst David Martin PhD, with a price target of $19.50. This positive outlook follows the U.S. FDA's accelerated approval of zanidatamab, a treatment for HER2-positive biliary tract cancer. The approval marks a significant milestone, allowing Zymeworks to potentially dominate a niche market for this rare cancer type. The company is also conducting a Phase 3 confirmatory trial, HERIZON-BTC-302, which evaluates zanidatamab in combination with standard-of-care therapy. This trial could establish zanidatamab as a standard treatment, potentially boosting sales. Martin forecasts that global annual sales of zanidatamab could reach $55 million, reinforcing the Buy rating. Additionally, Leerink Partners also maintained a Buy rating with a $26.00 price target for Zymeworks.

Zymeworks, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of biotherapeutics. Founded in 2003, the company is headquartered in Vancouver, Canada.