Zai Lab (NASDAQ:ZLAB) Shares Gap Down to $18.98

Zai Lab Limited (NASDAQ:ZLAB) gapped down prior to trading on Tuesday . The stock had previously closed at $18.98, but opened at $18.56. Zai Lab shares last traded at $18.57, with a volume of 12,846 shares trading hands.

Analysts Set New Price Targets

Separately, Citigroup dropped their price target on Zai Lab from $123.00 to $66.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $64.57.

Zai Lab Trading Down 0.8 %

The firm has a 50-day simple moving average of $17.82 and a two-hundred day simple moving average of $20.58.

Zai Lab (NASDAQ:ZLAB) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.55) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.93) by $0.38. Zai Lab had a negative return on equity of 40.21% and a negative net margin of 116.45%. The business had revenue of $87.15 million for the quarter, compared to analysts’ expectations of $77.07 million. During the same quarter last year, the firm earned ($0.51) earnings per share. As a group, sell-side analysts forecast that Zai Lab Limited will post -2.78 EPS for the current fiscal year.

Insider Transactions at Zai Lab

In other news, insider Frazor Titus Edmondson III sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $21.33, for a total transaction of $213,300.00. Following the sale, the insider now owns 16,408 shares in the company, valued at $349,982.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Joshua L. Smiley sold 1,988 shares of Zai Lab stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $15.67, for a total value of $31,151.96. Following the transaction, the insider now owns 28,684 shares in the company, valued at $449,478.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Frazor Titus Edmondson III sold 10,000 shares of Zai Lab 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 transaction, the insider now owns 16,408 shares in the company, valued at approximately $349,982.64. The disclosure for this sale can be found here. Insiders have sold 20,024 shares of company stock worth $373,828 over the last quarter. 5.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its holdings in Zai Lab by 51.2% in the first quarter. BNP Paribas Financial Markets now owns 2,671 shares of the company’s stock valued at $43,000 after acquiring an additional 904 shares during the last quarter. Profund Advisors LLC boosted its holdings in Zai Lab by 4.9% in the third quarter. Profund Advisors LLC now owns 19,777 shares of the company’s stock valued at $481,000 after acquiring an additional 929 shares during the last quarter. Sectoral Asset Management Inc. lifted its stake in shares of Zai Lab by 33.3% during the fourth quarter. Sectoral Asset Management Inc. now owns 4,000 shares of the company’s stock worth $109,000 after purchasing an additional 1,000 shares in the last quarter. Aviva PLC lifted its stake in shares of Zai Lab by 2.5% during the third 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. Finally, Alps Advisors Inc. lifted its stake in shares of Zai Lab by 3.2% during the third quarter. Alps Advisors Inc. now owns 72,842 shares of the company’s stock worth $1,771,000 after purchasing an additional 2,263 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.