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

Zai Lab Limited Unsponsored ADR (NASDAQ:ZLAB) shares gapped up before the market opened on Wednesday . The stock had previously closed at $17.48, but opened at $18.39. Zai Lab shares last traded at $18.84, with a volume of 213,591 shares trading hands.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Zai Lab in a report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $56.35.

Zai Lab Trading Up 6.6%

The stock has a fifty day moving average price of $22.06 and a 200 day moving average price of $30.33. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of -9.55 and a beta of 0.87.

Zai Lab (NASDAQ:ZLAB) last announced its earnings results on Thursday, November 6th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.05). Zai Lab had a negative return on equity of 25.83% and a negative net margin of 46.83%.The company had revenue of $116.10 million for the quarter, compared to the consensus estimate of $150.24 million. On average, sell-side analysts forecast that Zai Lab Limited Unsponsored ADR will post -2.58 EPS for the current year.

Institutional Investors Weigh In On Zai Lab

Hedge funds have recently bought and sold shares of the company. Walleye Capital LLC grew its position in shares of Zai Lab by 6.4% in the first quarter. Walleye Capital LLC now owns 22,276 shares of the company’s stock valued at $805,000 after purchasing an additional 1,338 shares during the last quarter. Hsbc Holdings PLC grew its holdings in Zai Lab by 32.7% in the 1st quarter. Hsbc Holdings PLC now owns 25,000 shares of the company’s stock valued at $894,000 after buying an additional 6,160 shares during the last quarter. PEAK6 LLC bought a new position in Zai Lab in the 1st quarter worth approximately $271,000. Royal Bank of Canada lifted its holdings in shares of Zai Lab by 214.3% during the first quarter. Royal Bank of Canada now owns 13,771 shares of the company’s stock worth $498,000 after buying an additional 9,390 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Zai Lab in the third quarter valued at approximately $331,000. 41.65% of the stock is currently owned by 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.