ZYME - Patience Pays - Building Blocks in Place for Royalty-Driven Asset Growth; Assume Coverage & Lower PT to $28

研报英文原文证据摘录

ZYME - Patience Pays - Building Blocks in Place for Royalty-Driven Asset Growth; Assume Coverage & Lower PT to $28

topline, and therefore maintain a

conservative view on the terminal opportunities for Ziihera. TR to Target 17.0%

Price (Jun. 8, 2026) $23.93 Pasritamig and partnered assets underscore embedded upside from big pharma

52-Wk Range $28.56-$12.02 validation, with further optionality from emerging Top1 ADC efforts. We see Johnson

Market Cap ($M) $1,787 & Johnson's (JNJ, NR) involvement as a meaningful external endorsement that de-risks

ADTV 458,676 development while preserving attractive downstream economics (milestones/royalties) for

Shares Out (M) 75 ZYME with Pasritamig, and view the company’s Top1 pipeline programs (e.g., ZW191's FRα

and ZW251's Glypican-3) as an early but strategically important leg of growth - expanding Short Interest Ratio/% Of Float 6.3%

payload versatility and reinforcing the platform’s relevance in next-gen ADC design, albeit Enterprise Value ($M) $1,383 with longer-dated visibility relative to nearer-term royalty drivers. We also view ZYME's

Cash & Equivalents ($M) $404 approach beyond oncology as prudent, with push into COPD with ZW1528 (IL-Rα x IL-33)

Cash Per Share $6.94 as pragmatic, further diversifying the platform, beyond a continued churn of new oncology

programs (a la AACR 2026) and proving out mgmt's capacity to execute.

6 Page Document We touched base with mgmt, keying in on a nimble organization driving R&D

discovery to create a pipeline with royalty optionality. We believe ZYME has the ability

Reasons for this report to be opportunistic with developed assets, and even future BD opportunity; mgmt's approach offers unique strategic appeal that differentiates it from a traditional partner-model, or