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

Zai Lab Limited (NASDAQ:ZLAB)’s stock price gapped down before the market opened 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.

Analyst Ratings Changes

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

Zai Lab Trading Down 1.1 %

The stock has a fifty day simple moving average of $17.70 and a 200-day simple moving average of $20.66.

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

Insider Transactions at Zai Lab

In other Zai Lab news, CEO Ying Du sold 5,787 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $16.15, for a total transaction of $93,460.05. Following the transaction, the chief executive officer now owns 1,107,972 shares in the company, valued at $17,893,747.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Joshua L. Smiley sold 1,988 shares of the stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $15.67, for a total value of $31,151.96. Following the completion of the transaction, the insider now owns 28,684 shares in the company, valued at approximately $449,478.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ying Du sold 5,787 shares of the stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $16.15, for a total value of $93,460.05. Following the transaction, the chief executive officer now directly owns 1,107,972 shares of the company’s stock, valued at $17,893,747.80. The disclosure for this sale can be found here. Insiders have sold a total of 20,024 shares of company stock worth $373,828 in the last three months. Company insiders own 5.23% of the company’s stock.

Hedge Funds Weigh In On Zai Lab

Hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets lifted its position in shares of Zai Lab by 51.2% during the 1st quarter. BNP Paribas Financial Markets now owns 2,671 shares of the company’s stock worth $43,000 after purchasing 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. raised its position in shares of Zai Lab by 33.3% during the 4th quarter. Sectoral Asset Management Inc. now owns 4,000 shares of the company’s stock valued at $109,000 after acquiring an additional 1,000 shares during the last quarter. Aviva PLC boosted its holdings in 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 buying an additional 1,400 shares during the last quarter. Finally, Alps Advisors Inc. grew its position in shares of Zai Lab by 3.2% in the 3rd quarter. Alps Advisors Inc. now owns 72,842 shares of the company’s stock valued at $1,771,000 after acquiring an additional 2,263 shares during the period. 41.65% of the stock is owned by institutional investors and hedge funds.

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.