Zai Lab (NASDAQ:ZLAB) Sets New 52-Week High - Here's Why

Zai Lab Limited (NASDAQ:ZLAB - Get Free Report)'s stock price reached a new 52-week high on Friday . The company traded as high as $39.77 and last traded at $38.29, with a volume of 417212 shares changing hands. The stock had previously closed at $36.18.

Wall Street Analysts Forecast Growth

ZLAB has been the topic of a number of analyst reports. Cantor Fitzgerald restated an "overweight" rating on shares of Zai Lab in a research report on Thursday, March 27th. JPMorgan Chase & Co. raised their price objective on Zai Lab from $44.00 to $51.00 and gave the stock an "overweight" rating in a report on Thursday, March 13th. Bank of America reiterated a "neutral" rating and issued a $36.10 target price (up from $29.00) on shares of Zai Lab in a research note on Monday, March 3rd. Finally, Scotiabank started coverage on Zai Lab in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 price target on the stock.

Zai Lab Stock Performance

The firm has a market capitalization of $4.11 billion, a price-to-earnings ratio of -13.54 and a beta of 1.08. The business has a fifty day moving average price of $31.96 and a 200 day moving average price of $28.46.

Zai Lab (NASDAQ:ZLAB - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.61) by ($0.19). The business had revenue of $109.07 million for the quarter, compared to analysts' expectations of $110.15 million. Zai Lab had a negative return on equity of 36.97% and a negative net margin of 76.14%. On average, analysts expect that Zai Lab Limited will post -2.58 earnings per share for the current year.

Insider Activity

In related news, insider Rafael Amado sold 3,000 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $38.41, for a total value of $115,230.00. Following the sale, the insider now directly owns 30,834 shares of the company's stock, valued at $1,184,333.94. This represents a 8.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ying Du sold 50,000 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $34.47, for a total transaction of $1,723,500.00. Following the transaction, the chief executive officer now directly owns 494,117 shares in the company, valued at $17,032,212.99. The trade was a 9.19 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 117,544 shares of company stock worth $3,940,391. 13.88% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Zai Lab

Several institutional investors and hedge funds have recently made changes to their positions in the company. GF Fund Management CO. LTD. bought a new stake in Zai Lab during the fourth quarter valued at $29,000. Public Employees Retirement System of Ohio grew its position in shares of Zai Lab by 20.8% during the 4th quarter. Public Employees Retirement System of Ohio now owns 18,480 shares of the company's stock valued at $484,000 after buying an additional 3,179 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Zai Lab by 2.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,114 shares of the company's stock worth $1,496,000 after acquiring an additional 1,200 shares during the period. Woodline Partners LP lifted its holdings in Zai Lab by 9.4% in the fourth quarter. Woodline Partners LP now owns 1,759,797 shares of the company's stock worth $46,089,000 after acquiring an additional 151,835 shares during the last quarter. Finally, Vestal Point Capital LP acquired a new position in Zai Lab in the fourth quarter valued at approximately $7,857,000. 41.65% of the stock is owned by institutional investors and hedge funds.

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.