Zai Lab (NASDAQ:ZLAB) Shares Gap Down to $20.16

Zai Lab Limited (NASDAQ:ZLAB)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $20.16, but opened at $19.42. Zai Lab shares last traded at $19.02, with a volume of 71,736 shares trading hands.

Analysts Set New Price Targets

Separately, Citigroup dropped their price objective on shares of Zai Lab from $123.00 to $66.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $64.22.

Zai Lab Stock Performance

The stock has a 50-day simple moving average of $16.90 and a 200 day simple moving average of $21.81. The stock has a market capitalization of $1.78 billion, a P/E ratio of -5.13 and a beta of 1.11.

Zai Lab (NASDAQ:ZLAB) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.55) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.93) by $0.38. The firm had revenue of $87.15 million during the quarter, compared to analysts’ expectations of $77.07 million. Zai Lab had a negative net margin of 116.45% and a negative return on equity of 40.21%. During the same quarter in the previous year, the company earned ($0.51) earnings per share. Equities analysts predict that Zai Lab Limited will post -3.06 earnings per share for the current year.

Insider Activity at Zai Lab

In related news, CEO Ying Du sold 5,787 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $16.15, for a total transaction of $93,460.05. Following the sale, the chief executive officer now directly owns 1,107,972 shares in the company, valued at $17,893,747.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Zai Lab news, insider Frazor Titus Edmondson III sold 10,000 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $21.33, for a total value of $213,300.00. Following the completion of the sale, the insider now owns 16,408 shares in the company, valued at $349,982.64. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ying Du sold 5,787 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $16.15, for a total value of $93,460.05. Following the transaction, the chief executive officer now directly owns 1,107,972 shares in the company, valued at $17,893,747.80. The disclosure for this sale can be found here. In the last three months, insiders sold 22,568 shares of company stock worth $421,808. 5.23% of the stock is owned by company insiders.

Hedge Funds Weigh In On Zai Lab

Several institutional investors and hedge funds have recently made changes to their positions in the company. Shell Asset Management Co. increased its position in Zai Lab by 8.3% during the 3rd quarter. Shell Asset Management Co. now owns 8,475 shares of the company’s stock worth $206,000 after buying an additional 652 shares during the period. BNP Paribas Financial Markets increased its position in Zai Lab by 51.2% during the first quarter. BNP Paribas Financial Markets now owns 2,671 shares of the company’s stock worth $43,000 after acquiring an additional 904 shares during the period. Profund Advisors LLC raised its stake in Zai Lab by 4.9% in the 3rd quarter. Profund Advisors LLC now owns 19,777 shares of the company’s stock worth $481,000 after purchasing an additional 929 shares in the last quarter. Sectoral Asset Management Inc. boosted its holdings in Zai Lab by 33.3% in the 4th quarter. Sectoral Asset Management Inc. now owns 4,000 shares of the company’s stock valued at $109,000 after purchasing an additional 1,000 shares during the period. Finally, Aviva PLC grew its position in shares of Zai Lab by 2.5% during the 3rd quarter. Aviva PLC now owns 56,770 shares of the company’s stock worth $1,380,000 after purchasing an additional 1,400 shares in the last quarter. 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.