Zai Lab (NASDAQ:ZLAB) Price Target Cut to $39.00 by Analysts at JPMorgan Chase & Co.

Zai Lab (NASDAQ:ZLAB) had its price target decreased by JPMorgan Chase & Co. from $46.00 to $39.00 in a report released on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other analysts have also weighed in on the stock. Zacks Research lowered shares of Zai Lab from a “hold” rating to a “strong sell” rating in a report on Friday, January 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Zai Lab in a research note on Wednesday, January 21st. UBS Group assumed coverage on Zai Lab in a research note on Wednesday, January 7th. They set a “buy” rating and a $35.00 price target on the stock. Finally, Jefferies Financial Group upgraded Zai Lab to a “strong-buy” rating in a report on Monday, January 19th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Zai Lab presently has a consensus rating of “Moderate Buy” and an average target price of $51.59.

Zai Lab Price Performance

NASDAQ ZLAB opened at $16.98 on Thursday. The stock’s 50 day simple moving average is $18.16 and its 200 day simple moving average is $26.29. Zai Lab has a one year low of $15.96 and a one year high of $44.34. The firm has a market cap of $1.90 billion, a PE ratio of -8.71 and a beta of 0.88.

Zai Lab (NASDAQ:ZLAB) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.05). The business had revenue of $116.10 million during the quarter, compared to the consensus estimate of $150.24 million. Zai Lab had a negative net margin of 46.83% and a negative return on equity of 25.83%. As a group, equities analysts expect that Zai Lab will post -2.58 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Rafael Amado sold 10,787 shares of Zai Lab stock in a transaction that occurred on Wednesday, December 31st. The shares were sold at an average price of $17.43, for a total transaction of $188,017.41. Following the transaction, the insider owned 52,391 shares of the company’s stock, valued at $913,175.13. This trade represents a 17.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.96% of the company’s stock.

Hedge Funds Weigh In On Zai Lab

An institutional investor recently raised its position in Zai Lab stock. Royal Bank of Canada grew its position in Zai Lab Limited Unsponsored ADR (NASDAQ:ZLAB) by 214.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,771 shares of the company’s stock after buying an additional 9,390 shares during the period. Royal Bank of Canada’s holdings in Zai Lab were worth $498,000 at the end of the most recent quarter. 41.65% of the stock is currently owned by hedge funds and other institutional investors.

About Zai Lab

Zai Lab Ltd (NASDAQ: ZLAB) is a biopharmaceutical company focused on the research, development, manufacturing and commercialization of innovative therapies. Headquartered in Shanghai, China, Zai Lab operates R&D centers in Asia and the United States and maintains commercial offices across Greater China, North America, Europe and Australia. The company’s end-to-end platform encompasses discovery biology, translational development, clinical research and global supply chain management.

The company’s marketed portfolio is anchored by Brukinsa (zanubrutinib), a next-generation Bruton’s tyrosine kinase inhibitor approved for several B-cell malignancies.