Zai Lab (NASDAQ:ZLAB) Shares Gap Up to $22.60

Zai Lab Limited (NASDAQ:ZLAB - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $22.60, but opened at $23.69. Zai Lab shares last traded at $23.21, with a volume of 100,717 shares trading hands.

Wall Street Analysts Forecast Growth

ZLAB has been the subject of several research analyst reports. Cantor Fitzgerald reiterated an "overweight" rating on shares of Zai Lab in a research report on Wednesday, August 7th. JPMorgan Chase & Co. cut their price target on shares of Zai Lab from $43.00 to $38.00 and set an "overweight" rating for the company in a report on Friday, July 12th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $58.97.

Zai Lab Price Performance

The company has a market capitalization of $2.35 billion, a PE ratio of -6.77 and a beta of 1.07. The stock has a 50-day simple moving average of $19.14 and a 200 day simple moving average of $18.14.

Zai Lab (NASDAQ:ZLAB - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.82) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.16). The business had revenue of $100.50 million during the quarter, compared to analysts' expectations of $94.46 million. Zai Lab had a negative return on equity of 37.96% and a negative net margin of 92.44%. As a group, research analysts predict that Zai Lab Limited will post -2.95 EPS for the current fiscal year.

Insider Buying and Selling at Zai Lab

In other news, insider Joshua L. Smiley sold 4,352 shares of the firm's stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $16.67, for a total transaction of $72,547.84. Following the completion of the transaction, the insider now directly owns 43,232 shares of the company's stock, valued at approximately $720,677.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 transaction, the director now directly owns 53,089 shares in the company, valued at approximately $919,501.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Joshua L. Smiley sold 4,352 shares of the firm's stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $16.67, for a total transaction of $72,547.84. Following the sale, the insider now directly owns 43,232 shares in the company, valued at $720,677.44. The disclosure for this sale can be found here. Insiders have sold 21,762 shares of company stock valued at $375,211 over the last quarter. Corporate insiders own 5.23% of the company's stock.

Hedge Funds Weigh In On Zai Lab

Institutional investors and hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company lifted its position in Zai Lab by 18.9% during the second quarter. The Manufacturers Life Insurance Company now owns 117,224 shares of the company's stock worth $2,031,000 after buying an additional 18,654 shares during the period. DCF Advisers LLC purchased a new position in shares of Zai Lab during the 2nd quarter worth about $528,000. XTX Topco Ltd lifted its holdings in shares of Zai Lab by 19.2% during the 2nd quarter. XTX Topco Ltd now owns 29,283 shares of the company's stock worth $507,000 after acquiring an additional 4,710 shares during the period. Renaissance Technologies LLC grew its holdings in Zai Lab by 91.9% in the second quarter. Renaissance Technologies LLC now owns 28,214 shares of the company's stock valued at $489,000 after purchasing an additional 13,514 shares during the period. Finally, Dimensional Fund Advisors LP acquired a new position in Zai Lab during the second quarter worth approximately $270,000. Hedge funds and other institutional investors own 41.65% of the company's stock.

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.