Evercore ISI raised the firm’s price target on Zymeworks (ZYME) to $48 from $33 and keeps an Outperform rating on the shares. The $250M debt deal with Royalty Pharma (RPRX) is “a smart move,” providing significant optionality and the terms are “favorable,” allowing Zymeworks to retain upside while strengthening its balance sheet, the analyst tells investors.
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