North American Morning Briefing: Dow Wobbles, -3-

01/21/2022 | 06:16am

Zymeworks' Stock Falls Following Restructuring Plan That Calls for Deep Job Cuts

Zymeworks Inc. slid nearly 10%, to $12.17, a day after disclosing a restructuring that targets cutting at least 25% of jobs by year's end.

The restructuring, days into Kenneth Galbraith's term as chief executive, amounts to a reset of the company's strategy to focus on its product candidate, zanidatamab (formerly known as ZW25), and its second product candidate, ZW49.

As part of the restructuring, half of the company's senior management team have left or are leaving, including Scientific Chief Anthony Polverino, who played a key role in setting and driving Zymeworks' R&D strategy; Commercial Chief James Priour; and People Chief Kathryn O'Driscoll.

"A smaller, more focused workforce is essential for us to improve our operating performance and accomplish our key priorities in a more cost-efficient manner," Mr. Galbraith said.

The Canadian clinical-stage biopharmaceutical company said it ended 2021 with about $250 million in cash and short-term investments, which it said should be enough to cover its operations through at least late 2022. Zymeworks is slated to report fourth-quarter results in late February.

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Expected Major Events for Friday

00:01/UK: Jan UK Consumer Confidence Survey

05:00/JPN: Dec Steel Production

07:00/UK: Dec UK monthly retail sales figures

13:30/CAN: Dec New Housing Price Index

13:30/CAN: Nov Retail trade

13:30/US: U.S. Weekly Export Sales

15:00/US: Dec Leading Indicators

All times in GMT. Powered by Kantar Media and Dow Jones.


Expected Earnings for Friday

Ally Financial Inc (ALLY) is expected to report $1.95 for 4Q.

Ames National (ATLO) is expected to report for 4Q.

Bank of the James Financial Group Inc (BOTJ) is expected to report for 4Q.

Bridgford Foods Corp (BRID) is expected to report for 4Q.

Chemung Financial (CHMG) is expected to report $1.26 for 4Q.

Chino Commercial Bancorp (CCBC) is expected to report for 4Q.

Colony Bankcorp (CBAN) is expected to report $0.41 for 4Q.

FIGS Inc (FIGS) is expected to report for 4Q.

First Hawaiian Inc (FHB) is expected to report $0.47 for 4Q.

Flywire Corp (FLYW) is expected to report for 4Q.

Greene County Bancorp (GCBC) is expected to report for 2Q.

Huntington Bancshares (HBAN) is expected to report $0.30 for 4Q.

MetroCity Bankshares Inc (MCBS) is expected to report $0.66 for 4Q.

Paymentus Holdings Inc (PAY) is expected to report for 4Q.

Prudential Bancorp Inc (PBIP) is expected to report $0.22 for 1Q.

Schlumberger (SLB) is expected to report $0.39 for 4Q.

Toast Inc (TOST) is expected to report for 4Q.

Unity Bancorp Inc (UNTY) is expected to report $0.86 for 4Q.

Wayne Savings Bancshares Inc (WAYN) is expected to report for 4Q.

Powered by Kantar Media and Dow Jones.


ANALYST RATINGS ACTIONS

Advanced Micro Devices Cut to Neutral From Overweight by Piper Sandler

Ameresco Raised to Outperform From Market Perform by Raymond James

American Assets Trust Cut to Neutral From Buy by Mizuho

Ashland Global Holdings Cut to Equal-Weight From Overweight by Wells Fargo

Ball Corp Cut to Equal-Weight From Overweight by Morgan Stanley

Burlington Stores Cut to Sell From Hold by Loop Capital

Calithera Biosciences Raised to Outperform From Market Perform by SVB Leerink

Carvana Cut to Sector Weight From Overweight by Keybanc

CME Group Raised to Neutral From Sell by Rosenblatt

Consolidated Edison Cut to Sell From Neutral by Guggenheim

EOG Resources Price Target Raised to $110.00/Share From $108.00 by Keybanc

Essential Props Realty Cut to Neutral From Buy by B of A Securities

Essential Props Realty Cut to Neutral From Buy by Mizuho

Etsy Raised to Overweight From Sector Weight by Keybanc

Evolus Raised to Buy From Hold by Truist Securities

Evoqua Water Technologies Raised to Outperform From Perform by Oppenheimer

First Community (SC) Cut to Market Perform From Outperform by Raymond James

Ford Motor Cut to Hold From Buy by Jefferies

Getty Realty Cut to Underperform From Neutral by B of A Securities

Hawaiian Electric Raised to Neutral From Sell by Guggenheim

Holly Energy Partners Cut to Underweight From Equal-Weight by Barclays

Hudson Pacific Properties Cut to Underperform From Neutral by Mizuho

International Paper Cut to Neutral From Buy by B of A Securities

Kilroy Realty Raised to Buy From Neutral by Mizuho

Magellan Midstream Cut to Equal-Weight From Overweight by Barclays

Northwest Natural Raised to Neutral From Sell by Guggenheim

Paramount Group Raised to Buy From Neutral by Mizuho

PetMed Express Raised to Buy From Neutral by Sidoti & Co.

Safehold Cut to Neutral From Buy by Mizuho

Sealed Air Raised to Overweight From Equal-Weight by Morgan Stanley

Shell Midstream Partners Cut to Equal-Weight From Overweight by Barclays

Silvergate Capital Raised to Buy From Neutral by Goldman Sachs

South Jersey Industries Cut to Neutral From Buy by Guggenheim

Spire Inc Cut to Neutral From Buy by Guggenheim

Tenet Healthcare Raised to Strong Buy From Outperform by Raymond James

UiPath Raised to Outperform From Perform by Oppenheimer

United Parcel Service Raised to Neutral From Underperform by Exane BNP Paribas

US Bancorp Cut to Market Perform From Outperform by Keefe, Bruyette & Woods

Ventas Raised to Buy From Neutral by Mizuho

Vertex Pharmaceuticals Raised to Outperform From Market Perform by BMO Capital

VF Corp Cut to Hold From Buy by Williams Capital

Vroom Raised to Overweight From Sector Weight by Keybanc

W. P. Carey Raised to Neutral From Underperform by B of A Securities

Walmart Cut to Sector Weight From Overweight by Keybanc

Welltower Raised to Buy From Neutral by Mizuho

WestRock Cut to Neutral From Buy by B of A Securities

World Fuel Services Raised to Buy From Underperform by B of A Securities

WW International Cut to Underweight From Sector Weight by Keybanc

Zynga Cut to Neutral From Buy by BTIG

This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

01-21-22 0615ET

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