Zai Lab (NASDAQ:ZLAB) Shares Up 3.8% – Here’s What Happened

Zai Lab Limited (NASDAQ:ZLAB) shot up 3.8% during trading on Tuesday . The company traded as high as $33.85 and last traded at $32.94. 306,196 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 871,369 shares. The stock had previously closed at $31.73.

Wall Street Analyst Weigh In

ZLAB has been the topic of several recent research reports. Bank of America reaffirmed a “neutral” rating and set a $36.10 price objective (up previously from $29.00) on shares of Zai Lab in a research report on Monday. Cantor Fitzgerald raised Zai Lab to a “strong-buy” rating in a report on Wednesday, February 5th.

Zai Lab Trading Up 7.1 %

The stock has a market capitalization of $3.72 billion, a P/E ratio of -12.24 and a beta of 1.02. The business’s fifty day simple moving average is $27.77 and its two-hundred day simple moving average is $26.06.

Zai Lab (NASDAQ:ZLAB) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $109.07 million during the quarter, compared to the consensus estimate of $110.15 million. On average, equities research analysts anticipate that Zai Lab Limited will post -2.58 earnings per share for the current year.

Insider Transactions at Zai Lab

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

Hedge Funds Weigh In On Zai Lab

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. acquired a new position in Zai Lab during the fourth quarter worth $46,172,000. Geode Capital Management LLC increased its position in shares of Zai Lab by 26.4% during the 3rd quarter. Geode Capital Management LLC now owns 43,626 shares of the company’s stock worth $1,053,000 after purchasing an additional 9,107 shares in the last quarter. Alberta Investment Management Corp lifted its holdings in Zai Lab by 42.9% during the 4th quarter. Alberta Investment Management Corp now owns 232,293 shares of the company’s stock valued at $6,084,000 after purchasing an additional 69,740 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its position in Zai Lab by 28.9% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 183,317 shares of the company’s stock valued at $4,801,000 after buying an additional 41,128 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Zai Lab during the fourth quarter worth about $511,000. Institutional investors own 41.65% of the company’s stock.

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.