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

Zai Lab Limited (NASDAQ:ZLAB)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $26.19, but opened at $25.40. Zai Lab shares last traded at $25.22, with a volume of 176,857 shares traded.

Analyst Ratings Changes

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

Zai Lab Trading Down 5.3 %

The stock has a market capitalization of $2.69 billion, a PE ratio of -8.95 and a beta of 0.99. The company’s 50 day simple moving average is $28.29 and its 200 day simple moving average is $22.99.

Hedge Funds Weigh In On Zai Lab

Several large investors have recently added to or reduced their stakes in the business. TD Asset Management Inc boosted its position in shares of Zai Lab by 1.4% in the second quarter. TD Asset Management Inc now owns 221,970 shares of the company’s stock worth $3,847,000 after acquiring an additional 3,000 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of Zai Lab during the 2nd quarter valued at $270,000. Renaissance Technologies LLC increased its holdings in shares of Zai Lab by 91.9% during the 2nd quarter. Renaissance Technologies LLC now owns 28,214 shares of the company’s stock worth $489,000 after buying an additional 13,514 shares during the last quarter. XTX Topco Ltd raised its position in shares of Zai Lab by 19.2% in the 2nd quarter. XTX Topco Ltd now owns 29,283 shares of the company’s stock worth $507,000 after buying an additional 4,710 shares during the period. Finally, DCF Advisers LLC acquired a new position in Zai Lab in the second quarter valued at $528,000. 41.65% of the stock is currently 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.