Zai Lab (NASDAQ:ZLAB) Shares Gap Down on Insider Selling

Zai Lab Limited (NASDAQ:ZLAB)’s stock price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $26.19, but opened at $25.40. Zai Lab shares last traded at $25.22, with a volume of 176,857 shares traded.

Specifically, insider Rafael Amado sold 7,583 shares of the business’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $26.28, for a total transaction of $199,281.24. Following the transaction, the insider now directly owns 33,834 shares in the company, valued at approximately $889,157.52. The trade was a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ZLAB. JPMorgan Chase & Co. lifted their price objective on shares of Zai Lab from $38.00 to $44.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Cantor Fitzgerald reissued an “overweight” rating on shares of Zai Lab in a research report on Friday, October 25th.

Zai Lab Stock Performance

The firm has a market cap of $2.77 billion, a price-to-earnings ratio of -9.13 and a beta of 1.00. The firm has a fifty day simple moving average of $27.98 and a 200-day simple moving average of $23.05.

Institutional Trading of Zai Lab

A number of hedge funds have recently modified their holdings of ZLAB. Y Intercept Hong Kong Ltd acquired a new position in Zai Lab in the 3rd quarter valued at about $225,000. Daiwa Securities Group Inc. boosted its holdings in shares of Zai Lab by 4,851.8% during the third quarter. Daiwa Securities Group Inc. now owns 9,557 shares of the company’s stock worth $231,000 after acquiring an additional 9,364 shares during the period. China Universal Asset Management Co. Ltd. grew its position in shares of Zai Lab by 58.1% in the third quarter. China Universal Asset Management Co. Ltd. now owns 9,559 shares of the company’s stock valued at $231,000 after purchasing an additional 3,514 shares during the last quarter. RBF Capital LLC bought a new position in shares of Zai Lab during the third quarter worth approximately $241,000. Finally, Point72 Asset Management L.P. acquired a new stake in Zai Lab during the 3rd quarter worth approximately $325,000. Institutional investors and hedge funds 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.