Zai Lab (NASDAQ:ZLAB) Shares Gap Up – Time to Buy?

Zai Lab Limited (NASDAQ:ZLAB)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $24.79, but opened at $25.55. Zai Lab shares last traded at $25.68, with a volume of 32,536 shares traded.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ZLAB shares. Cantor Fitzgerald restated an “overweight” rating on shares of Zai Lab in a report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their target price on shares of Zai Lab from $43.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Zai Lab currently has an average rating of “Buy” and an average target price of $56.21.

Zai Lab Stock Performance

The firm has a market capitalization of $2.63 billion, a P/E ratio of -7.55 and a beta of 1.08. The firm has a 50 day simple moving average of $21.05 and a two-hundred day simple moving average of $18.90.

Zai Lab (NASDAQ:ZLAB) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.82) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.16). Zai Lab had a negative return on equity of 37.96% and a negative net margin of 92.44%. The firm had revenue of $100.50 million for the quarter, compared to analysts’ expectations of $94.46 million. Sell-side analysts anticipate that Zai Lab Limited will post -2.95 earnings per share for the current year.

Insider Activity at Zai Lab

In other Zai Lab news, insider Joshua L. Smiley sold 4,352 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $16.67, for a total value of $72,547.84. Following the transaction, the insider now owns 43,232 shares of the company’s stock, valued at approximately $720,677.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Zai Lab

Hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its stake in shares of Zai Lab by 18.9% in the second quarter. The Manufacturers Life Insurance Company now owns 117,224 shares of the company’s stock valued at $2,031,000 after buying an additional 18,654 shares during the period. DCF Advisers LLC bought a new stake in Zai Lab in the 2nd quarter valued at about $528,000. XTX Topco Ltd raised its stake in Zai Lab by 19.2% in the 2nd quarter. XTX Topco Ltd now owns 29,283 shares of the company’s stock valued at $507,000 after acquiring an additional 4,710 shares during the period. Renaissance Technologies LLC lifted its holdings in Zai Lab by 91.9% during the second quarter. Renaissance Technologies LLC now owns 28,214 shares of the company’s stock valued at $489,000 after purchasing an additional 13,514 shares during the last quarter. Finally, Dimensional Fund Advisors LP bought a new position in Zai Lab during the second quarter worth about $270,000. 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.