Zai Lab (NASDAQ:ZLAB) Stock Price Up 6.5% - Here's What Happened

Zai Lab Limited (NASDAQ:ZLAB - Get Free Report)'s share price rose 6.5% during trading on Friday . The company traded as high as $28.80 and last traded at $28.07. Approximately 149,807 shares were traded during trading, a decline of 76% from the average daily volume of 634,141 shares. The stock had previously closed at $26.36.

Analyst Upgrades and Downgrades

ZLAB has been the subject of a number of recent research reports. JPMorgan Chase & Co. dropped their price objective on Zai Lab from $43.00 to $38.00 and set an "overweight" rating for the company in a research report on Friday, July 12th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Zai Lab in a research note on Wednesday, August 7th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $56.21.

Zai Lab Trading Up 4.3 %

The stock has a 50-day simple moving average of $21.05 and a 200-day simple moving average of $18.90. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -7.90 and a beta of 1.08.

Zai Lab (NASDAQ:ZLAB - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.16). Zai Lab had a negative net margin of 92.44% and a negative return on equity of 37.96%. The business had revenue of $100.50 million during the quarter, compared to analyst estimates of $94.46 million. On average, research analysts forecast that Zai Lab Limited will post -2.95 EPS for the current year.

Insiders Place Their Bets

In other news, insider Joshua L. Smiley sold 4,352 shares of the company's stock in a transaction on Friday, August 16th. The stock was sold at an average price of $16.67, for a total value of $72,547.84. Following the completion of the sale, the insider now owns 43,232 shares in the company, valued at $720,677.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 5.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. BNP Paribas Financial Markets raised its position in Zai Lab by 51.2% during the first quarter. BNP Paribas Financial Markets now owns 2,671 shares of the company's stock valued at $43,000 after buying an additional 904 shares during the period. TD Asset Management Inc increased its position in Zai Lab by 1.4% in the 2nd quarter. TD Asset Management Inc now owns 221,970 shares of the company's stock worth $3,847,000 after purchasing an additional 3,000 shares during the last quarter. Headlands Technologies LLC acquired a new position in Zai Lab in the 1st quarter worth about $64,000. XTX Topco Ltd increased its position in 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 purchasing an additional 4,710 shares during the last quarter. Finally, Capital International Inc. CA increased its position in Zai Lab by 6.7% in the 1st quarter. Capital International Inc. CA now owns 92,108 shares of the company's stock worth $1,476,000 after purchasing an additional 5,815 shares during the last quarter. 41.65% of the stock is owned by institutional investors and hedge funds.

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.