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

Zai Lab Limited (NASDAQ:ZLAB) shares gapped up prior to trading on Tuesday . The stock had previously closed at $25.41, but opened at $27.28. Zai Lab shares last traded at $26.33, with a volume of 378,720 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ZLAB. JPMorgan Chase & Co. lifted their target price 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 note on Friday, October 25th.

Zai Lab Stock Down 5.9 %

The firm has a market capitalization of $2.66 billion, a P/E ratio of -8.77 and a beta of 1.00. The business’s 50-day simple moving average is $27.73 and its 200 day simple moving average is $23.21.

Insider Buying and Selling

In other news, insider Rafael Amado sold 7,583 shares of the stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $26.28, for a total transaction of $199,281.24. Following the completion of the sale, the insider now owns 33,834 shares of the company’s stock, valued at approximately $889,157.52. This represents a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 13.88% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Zai Lab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ZLAB. Janus Henderson Group PLC increased its position in shares of Zai Lab by 34.2% in the third 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 increased its holdings in Zai Lab by 18.4% during the 3rd 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. Connor Clark & Lunn Investment Management Ltd. raised its position in Zai Lab by 26.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 604,153 shares of the company’s stock valued at $14,584,000 after purchasing an additional 125,532 shares during the last quarter. Bamco Inc. NY lifted its holdings in Zai Lab by 6.4% in the 3rd quarter. Bamco Inc. NY now owns 1,906,520 shares of the company’s stock worth $46,023,000 after buying an additional 113,869 shares during the period. Finally, Algert Global LLC bought a new stake in shares of Zai Lab in the 3rd quarter worth approximately $1,666,000. 41.65% of the stock is currently owned by institutional investors.

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.