Zai Lab (NASDAQ:ZLAB) Stock Price Up 2.9% – Here’s Why

Zai Lab Limited (NASDAQ:ZLAB)’s share price rose 2.9% on Tuesday . The company traded as high as $38.70 and last traded at $37.19. Approximately 379,654 shares traded hands during trading, a decline of 50% from the average daily volume of 759,950 shares. The stock had previously closed at $36.14.

Wall Street Analyst Weigh In

A number of research firms recently commented on ZLAB. Scotiabank initiated coverage on shares of Zai Lab in a report on Friday, March 7th. They issued a “sector outperform” rating and a $55.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Zai Lab in a research note on Thursday, March 27th. JPMorgan Chase & Co. upped their price target on Zai Lab from $44.00 to $51.00 and gave the company an “overweight” rating in a research report on Thursday, March 13th. Finally, Bank of America reissued a “neutral” rating and issued a $36.10 price objective (up previously from $29.00) on shares of Zai Lab in a report on Monday, March 3rd.

Zai Lab Trading Down 2.3 %

The firm has a market cap of $3.99 billion, a P/E ratio of -13.15 and a beta of 1.07. The business’s fifty day simple moving average is $32.39 and its 200-day simple moving average is $28.64.

Zai Lab (NASDAQ:ZLAB) last issued its 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 the consensus estimate of $110.15 million. As a group, research analysts expect that Zai Lab Limited will post -2.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Rafael Amado sold 3,000 shares of the company’s 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 transaction, the insider now owns 30,834 shares of the company’s stock, valued at approximately $1,184,333.94. This represents a 8.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Frazor Titus Edmondson III sold 14,544 shares of Zai Lab stock in a transaction on Friday, February 28th. The shares were sold at an average price of $32.98, for a total value of $479,661.12. Following the sale, the insider now directly owns 14,328 shares of the company’s stock, valued at $472,537.44. This represents a 50.37 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 117,544 shares of company stock valued at $3,940,391. Company insiders own 13.88% of the company’s stock.

Institutional Investors Weigh In On Zai Lab

Several hedge funds have recently bought and sold shares of ZLAB. FMR LLC increased its stake in Zai Lab by 749.1% in the fourth quarter. FMR LLC now owns 5,475,505 shares of the company’s stock valued at $143,403,000 after acquiring an additional 4,830,646 shares during the last quarter. RTW Investments LP bought a new stake in Zai Lab in the fourth quarter worth $65,714,000. Janus Henderson Group PLC boosted its position in Zai Lab by 34.2% during the third quarter. Janus Henderson Group PLC now owns 8,760,074 shares of the company’s stock valued at $211,488,000 after buying an additional 2,232,507 shares during the period. Principal Financial Group Inc. bought a new position in shares of Zai Lab during the fourth quarter valued at about $46,172,000. Finally, Wellington Management Group LLP increased its holdings in shares of Zai Lab by 18.4% in the third quarter. Wellington Management Group LLP now owns 8,436,606 shares of the company’s stock worth $203,660,000 after buying an additional 1,312,115 shares during the period. 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.