Zai Lab (NASDAQ:ZLAB) Upgraded to "Strong-Buy" at Cantor Fitzgerald

Zai Lab (NASDAQ:ZLAB - Get Free Report) was upgraded by stock analysts at Cantor Fitzgerald to a "strong-buy" rating in a report released on Wednesday,Zacks.com reports. Cantor Fitzgerald also issued estimates for Zai Lab's FY2024 earnings at ($2.54) EPS and FY2025 earnings at ($1.38) EPS.

Separately, JPMorgan Chase & Co. upped their target price on shares of 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 Price Performance

Shares of Zai Lab stock traded down $0.28 during trading on Wednesday, hitting $27.53. 495,413 shares of the company's stock traded hands, compared to its average volume of 600,608. Zai Lab has a twelve month low of $13.48 and a twelve month high of $36.60. The firm's fifty day moving average price is $26.59 and its 200 day moving average price is $24.46.

Insider Activity

In other news, insider Rafael Amado sold 7,583 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $26.28, for a total value of $199,281.24. Following the transaction, the insider now directly owns 33,834 shares of the company's stock, valued at $889,157.52. This represents a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 13.88% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Zai Lab

Several institutional investors have recently made changes to their positions in ZLAB. Geode Capital Management LLC lifted its position in shares of Zai Lab by 26.4% during the 3rd quarter. Geode Capital Management LLC now owns 43,626 shares of the company's stock worth $1,053,000 after buying an additional 9,107 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Zai Lab by 28.9% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 183,317 shares of the company's stock worth $4,801,000 after buying an additional 41,128 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Zai Lab during the 4th quarter valued at $511,000. Bamco Inc. NY boosted its stake in shares of Zai Lab by 6.4% during the third quarter. Bamco Inc. NY now owns 1,906,520 shares of the company's stock valued at $46,023,000 after purchasing an additional 113,869 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Zai Lab by 18.4% during the third quarter. Wellington Management Group LLP now owns 8,436,606 shares of the company's stock worth $203,660,000 after purchasing an additional 1,312,115 shares during the last quarter. 41.65% of the stock is currently owned by 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.