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

Zai Lab Limited Unsponsored ADR (NASDAQ:ZLAB) shares gapped up prior to trading on Friday . The stock had previously closed at $17.51, but opened at $18.07. Zai Lab shares last traded at $17.95, with a volume of 120,258 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ZLAB shares. JPMorgan Chase & Co. reduced their target price on Zai Lab from $39.00 to $32.00 and set an “overweight” rating on the stock in a report on Wednesday, March 18th. UBS Group began coverage on Zai Lab in a research report on Wednesday, January 7th. They set a “buy” rating and a $35.00 price target on the stock. Cantor Fitzgerald reduced their price target on Zai Lab from $55.00 to $37.00 and set an “overweight” rating on the stock in a research note on Friday, February 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Zai Lab in a research report on Wednesday, January 21st. Finally, Jefferies Financial Group upgraded shares of Zai Lab to a “strong-buy” rating in a report on Monday, January 19th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.00.

Zai Lab Stock Up 2.3%

The company’s fifty day moving average price is $18.59 and its 200-day moving average price is $22.33. The stock has a market capitalization of $2.02 billion, a PE ratio of -11.11 and a beta of 0.85.

Zai Lab (NASDAQ:ZLAB) last posted its quarterly earnings results on Saturday, February 14th. The company reported ($0.50) earnings per share for the quarter. Zai Lab had a negative return on equity of 22.81% and a negative net margin of 38.15%.The company had revenue of $127.60 million during the quarter. Equities research analysts anticipate that Zai Lab Limited Unsponsored ADR will post -2.58 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Joshua L. Smiley sold 1,966 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $18.63, for a total transaction of $36,626.58. Following the completion of the transaction, the insider directly owned 91,026 shares in the company, valued at $1,695,814.38. This trade represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard Gaynor purchased 1,731 shares of the stock in a transaction dated Tuesday, March 17th. The stock was bought at an average cost of $18.91 per share, with a total value of $32,733.21. Following the transaction, the director owned 56,630 shares in the company, valued at $1,070,873.30. The trade was a 3.15% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders sold 17,413 shares of company stock valued at $311,460. Insiders own 4.96% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Zai Lab stock. SG Americas Securities LLC lifted its position in Zai Lab Limited Unsponsored ADR (NASDAQ:ZLAB) by 6.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,396 shares of the company’s stock after buying an additional 642 shares during the period. SG Americas Securities LLC’s holdings in Zai Lab were worth $183,000 as of its most recent SEC filing. Institutional investors and hedge funds own 41.65% of the company’s stock.

Zai Lab Company Profile

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.