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

Shares of Zai Lab Limited (NASDAQ:ZLAB) gapped down prior to trading on Friday . The stock had previously closed at $27.22, but opened at $26.33. Zai Lab shares last traded at $26.85, with a volume of 42,815 shares.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ZLAB. JPMorgan Chase & Co. increased their price objective on shares of Zai Lab from $38.00 to $44.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Cantor Fitzgerald reissued an “overweight” rating on shares of Zai Lab in a report on Friday, October 25th.

Zai Lab Price Performance

The company has a 50-day moving average of $28.43 and a two-hundred day moving average of $22.83. The company has a market capitalization of $2.89 billion, a PE ratio of -9.61 and a beta of 0.99.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ZLAB. Y Intercept Hong Kong Ltd bought a new stake in Zai Lab during the 3rd quarter worth approximately $225,000. Daiwa Securities Group Inc. raised its position in shares of Zai Lab by 4,851.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 9,557 shares of the company’s stock valued at $231,000 after purchasing an additional 9,364 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in shares of Zai Lab by 58.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 9,559 shares of the company’s stock valued at $231,000 after buying an additional 3,514 shares in the last quarter. RBF Capital LLC bought a new position in Zai Lab in the 3rd quarter worth $241,000. Finally, Point72 Asset Management L.P. purchased a new stake in Zai Lab in the 3rd quarter worth $325,000. 41.65% of the stock is owned by hedge funds and other institutional investors.

About Zai Lab

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.