Zai Lab (NASDAQ:ZLAB) Stock Price Up 5.3% – Here’s What Happened

Zai Lab Limited (NASDAQ:ZLAB) rose 5.3% during trading on Thursday . The stock traded as high as $28.62 and last traded at $28.49. Approximately 1,477,214 shares traded hands during trading, an increase of 84% from the average daily volume of 802,475 shares. The stock had previously closed at $27.06.

Wall Street Analyst Weigh In

ZLAB has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Zai Lab in a report on Thursday, March 27th. Scotiabank started coverage on shares of Zai Lab in a research report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 price target for the company. Bank of America restated a “neutral” rating and issued a $36.10 price target (up previously from $29.00) on shares of Zai Lab in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on Zai Lab from $44.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday, March 13th.

Zai Lab Stock Down 10.1 %

The firm’s fifty day simple moving average is $32.74 and its 200-day simple moving average is $28.99. The company has a market cap of $2.67 billion, a PE ratio of -8.78 and a beta of 1.09.

Zai Lab (NASDAQ:ZLAB) last posted its earnings results on Thursday, February 27th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.19). The company had revenue of $109.07 million during the quarter, compared to analysts’ expectations of $110.15 million. Zai Lab had a negative net margin of 76.14% and a negative return on equity of 36.97%. On average, analysts predict that Zai Lab Limited will post -2.58 earnings per share for the current year.

Insider Buying and Selling

In other Zai Lab news, CEO Ying Du sold 50,000 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $34.47, for a total transaction of $1,723,500.00. Following the transaction, the chief executive officer now owns 494,117 shares of the company’s stock, valued at $17,032,212.99. This represents a 9.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Rafael Amado sold 3,000 shares of Zai Lab stock in a transaction on Monday, March 17th. The shares were sold at an average price of $38.41, for a total value of $115,230.00. Following the completion of the sale, the insider now directly owns 30,834 shares of the company’s stock, valued at approximately $1,184,333.94. This represents a 8.87 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 138,744 shares of company stock worth $4,685,294. 13.88% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Zai Lab

Several hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. purchased a new position in Zai Lab during the third quarter worth approximately $325,000. XTX Topco Ltd raised its position in shares of Zai Lab by 8.0% in the 3rd quarter. XTX Topco Ltd now owns 31,618 shares of the company’s stock worth $763,000 after buying an additional 2,335 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Zai Lab during the third quarter valued at about $225,000. Public Employees Retirement System of Ohio acquired a new stake in Zai Lab during the third quarter worth about $369,000. Finally, M&T Bank Corp raised its holdings in shares of Zai Lab by 9.6% in the 3rd quarter. M&T Bank Corp now owns 25,188 shares of the company’s stock worth $608,000 after purchasing an additional 2,209 shares during the period. 41.65% of the stock is owned by institutional investors and hedge funds.

About Zai Lab

Zai Lab Limited develops and commercializes therapies to treat oncology, autoimmune disorders, infectious diseases, and neuroscience. Its commercial products include Zejula, an orally administered poly polymerase 1/2 inhibitor; Optune, a cancer therapy that uses electric fields tuned to specific frequencies to kill tumor cells; NUZYRA for acute bacterial skin and skin structure infections, and community acquired bacterial pneumonia; Qinlock to treat gastrointestinal stromal tumors, and VYVGART, a human IgG1 antibody fragment for myesthenia gravis.