JPMorgan analyst Brian Cheng raised the firm’s price target on Zymeworks (ZYME) to $23 from $20 and keeps an Overweight rating on the shares. The firm also placed the shares on “Positive Catalyst Watch.” Zymeworks next Thursday will be presenting initial data from the FR-targeting ADC Phase 1 trial, the analyst tells investors in a research note. JPMorgan believes there is “underappreciated upside potentia”l from next week’s ZW191 catalyst. The data could provide further upside that is not yet reflected in the stock today, contends the firm.
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