Zai Lab (NASDAQ:ZLAB) had its price target raised by research analysts at SVB Leerink from $79.00 to $93.00 in a note issued to investors on Tuesday, The Fly reports. The brokerage currently has an “outperform” rating on the stock. SVB Leerink’s price target indicates a potential upside of 11.07% from the company’s previous close.
Several other research firms also recently issued reports on ZLAB. BidaskClub raised shares of Zai Lab from a “hold” rating to a “buy” rating in a research note on Saturday, June 20th. Goldman Sachs Group started coverage on shares of Zai Lab in a research report on Monday, April 27th. They issued a “buy” rating for the company. Zacks Investment Research raised shares of Zai Lab from a “hold” rating to a “buy” rating and set a $83.00 target price for the company in a research report on Saturday, June 6th. Finally, Guggenheim started coverage on shares of Zai Lab in a research report on Wednesday, April 15th. They issued a “buy” rating and a $75.00 target price for the company. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $75.60.
Zai Lab stock traded up $1.43 during midday trading on Tuesday, hitting $83.73. 12,191 shares of the stock were exchanged, compared to its average volume of 446,135. Zai Lab has a 1 year low of $29.43 and a 1 year high of $83.97. The firm has a market cap of $4.71 billion, a P/E ratio of -27.63 and a beta of 1.12. The company has a 50 day moving average price of $73.64 and a two-hundred day moving average price of $58.70.
Several hedge funds and other institutional investors have recently bought and sold shares of ZLAB. Nuveen Asset Management LLC acquired a new stake in shares of Zai Lab during the first quarter valued at approximately $3,248,000. Deutsche Bank AG raised its holdings in shares of Zai Lab by 356.5% during the first quarter. Deutsche Bank AG now owns 107,858 shares of the company’s stock valued at $5,552,000 after acquiring an additional 84,230 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Zai Lab by 136.4% during the first quarter. Alliancebernstein L.P. now owns 32,265 shares of the company’s stock valued at $1,661,000 after acquiring an additional 18,615 shares during the period. Legal & General Group Plc raised its holdings in shares of Zai Lab by 1,742.8% during the first quarter. Legal & General Group Plc now owns 154,129 shares of the company’s stock valued at $7,935,000 after acquiring an additional 145,765 shares during the period. Finally, BNP Paribas Arbitrage SA raised its holdings in shares of Zai Lab by 579,845.5% during the first quarter. BNP Paribas Arbitrage SA now owns 63,794 shares of the company’s stock valued at $3,284,000 after acquiring an additional 63,783 shares during the period. 78.29% of the stock is owned by institutional investors and hedge funds.
About Zai Lab
Zai Lab Limited, a biopharmaceutical company, engages in discovering or licensing, developing, and commercializing proprietary therapeutics that address medical needs in the fields of oncology, and autoimmune and infectious disease therapies in the People's Republic of China. Its drug candidates include ZL-2306, a poly ADP ribose polymerase 1/2 inhibitor, which is in Phase III clinical trial for the treatment of ovarian, lung, and breast cancers; ZL-2401, an antibiotic that is in Phase III clinical trial to treat ABSSSI, CABP, and UTI; FPA144, a humanized monoclonal antibody, which is in Phase I/III clinical trial to treat gastric and gastroesophageal cancer; ETX2514, a novel ß-lactamase inhibitor that is in Phase II cUTI trial for the treatment of acinetobacter baumannii; and ZL-2301, which is in Phase III clinical trial to treat HCC.
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