Zai Lab (NASDAQ:ZLAB) Shares Gap Up – Here’s What Happened

Zai Lab Limited (NASDAQ:ZLAB) shares gapped up before the market opened on Thursday . The stock had previously closed at $33.91, but opened at $35.04. Zai Lab shares last traded at $35.99, with a volume of 146,411 shares trading hands.

Analysts Set New Price Targets

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

Zai Lab Trading Up 7.0 %

The business’s 50 day simple moving average is $31.32 and its 200 day simple moving average is $28.07. The firm has a market capitalization of $3.98 billion, a PE ratio of -13.11 and a beta of 1.08.

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

Insider Activity

In related news, insider Frazor Titus Edmondson III sold 14,544 shares of Zai Lab stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $32.98, for a total transaction of $479,661.12. Following the completion of the transaction, the insider now directly owns 14,328 shares of the company’s stock, valued at approximately $472,537.44. The trade was a 50.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Rafael Amado sold 3,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $38.41, for a total transaction 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. The trade was a 8.87 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 125,127 shares of company stock valued at $4,139,672. 13.88% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ZLAB. Janus Henderson Group PLC boosted its holdings in Zai Lab by 34.2% during the 3rd quarter. Janus Henderson Group PLC now owns 8,760,074 shares of the company’s stock valued at $211,488,000 after acquiring an additional 2,232,507 shares during the period. Wellington Management Group LLP boosted its stake in shares of Zai Lab by 18.4% during the third quarter. Wellington Management Group LLP now owns 8,436,606 shares of the company’s stock valued at $203,660,000 after purchasing an additional 1,312,115 shares during the period. FMR LLC grew its holdings in shares of Zai Lab by 749.1% in the fourth quarter. FMR LLC now owns 5,475,505 shares of the company’s stock worth $143,403,000 after purchasing an additional 4,830,646 shares during the last quarter. RTW Investments LP purchased a new position in Zai Lab in the 4th quarter worth about $65,714,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Zai Lab by 30.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,354,025 shares of the company’s stock valued at $61,653,000 after buying an additional 548,378 shares in the last quarter. Institutional investors own 41.65% of the company’s stock.

Zai Lab Company Profile

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.