Zai Lab (NASDAQ:ZLAB) Shares Gap Down to $16.97

Zai Lab Limited (NASDAQ:ZLAB - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $16.97, but opened at $16.51. Zai Lab shares last traded at $16.60, with a volume of 51,592 shares changing hands.

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald reissued an "overweight" rating on shares of Zai Lab in a report on Monday, July 1st. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Zai Lab has an average rating of "Buy" and a consensus price target of $64.57.

Zai Lab Price Performance

The company has a market capitalization of $1.65 billion, a PE ratio of -4.76 and a beta of 1.06. The firm's fifty day simple moving average is $18.57 and its 200 day simple moving average is $19.50.

Zai Lab (NASDAQ:ZLAB - Get Free Report) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.55) EPS for the quarter, beating the consensus estimate of ($0.93) by $0.38. Zai Lab had a negative net margin of 116.45% and a negative return on equity of 40.21%. The company had revenue of $87.15 million for the quarter, compared to analyst estimates of $77.07 million. During the same period in the prior year, the company earned ($0.51) earnings per share. On average, equities research analysts anticipate that Zai Lab Limited will post -2.78 EPS for the current fiscal year.

Insider Buying and Selling at Zai Lab

In other Zai Lab news, CEO Ying Du sold 23,939 shares of the company's stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $17.90, for a total value of $428,508.10. Following the completion of the transaction, the chief executive officer now owns 1,142,833 shares in the company, valued at $20,456,710.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Zai Lab news, Director William Lis sold 10,397 shares of the company's stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $17.32, for a total value of $180,076.04. Following the completion of the transaction, the director now owns 53,089 shares in the company, valued at $919,501.48. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ying Du sold 23,939 shares of the company's stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $17.90, for a total transaction of $428,508.10. Following the completion of the transaction, the chief executive officer now owns 1,142,833 shares of the company's stock, valued at approximately $20,456,710.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,934 shares of company stock valued at $1,116,043. 5.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Capital World Investors raised its holdings in Zai Lab by 8.9% in the 1st quarter. Capital World Investors now owns 5,684,180 shares of the company's stock valued at $91,061,000 after acquiring an additional 465,337 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Zai Lab by 177.6% in the 4th quarter. Wellington Management Group LLP now owns 5,336,457 shares of the company's stock valued at $145,845,000 after buying an additional 3,413,829 shares during the period. Janus Henderson Group PLC grew its stake in shares of Zai Lab by 9.6% in the 1st quarter. Janus Henderson Group PLC now owns 4,428,011 shares of the company's stock valued at $70,924,000 after buying an additional 387,729 shares during the period. Bamco Inc. NY grew its stake in shares of Zai Lab by 7.3% in the 1st quarter. Bamco Inc. NY now owns 1,599,865 shares of the company's stock valued at $25,630,000 after buying an additional 108,991 shares during the period. Finally, Allianz Asset Management GmbH grew its stake in shares of Zai Lab by 26.1% in the 4th quarter. Allianz Asset Management GmbH now owns 679,524 shares of the company's stock valued at $18,571,000 after buying an additional 140,461 shares during the period. Institutional investors and hedge funds own 41.65% of the company's stock.

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.