Zai Lab (NASDAQ:ZLAB) Shares Gap Down - Here's Why

Shares of Zai Lab Limited (NASDAQ:ZLAB - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $26.19, but opened at $25.40. Zai Lab shares last traded at $25.22, with a volume of 176,857 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ZLAB. JPMorgan Chase & Co. upped their price target on Zai Lab from $38.00 to $44.00 and gave the stock an "overweight" rating in a research note on Monday, October 21st. Cantor Fitzgerald restated an "overweight" rating on shares of Zai Lab in a report on Friday, October 25th.

Zai Lab Stock Down 5.3 %

The business's fifty day moving average is $28.12 and its two-hundred day moving average is $23.00. The stock has a market capitalization of $2.70 billion, a PE ratio of -8.96 and a beta of 0.99.

Insider Activity

In other Zai Lab news, insider Rafael Amado sold 7,583 shares of the company's stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $26.28, for a total value of $199,281.24. Following the transaction, the insider now owns 33,834 shares of the company's stock, valued at $889,157.52. This represents a 18.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 13.88% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. TD Asset Management Inc increased its holdings in Zai Lab by 1.4% during the second quarter. TD Asset Management Inc now owns 221,970 shares of the company's stock valued at $3,847,000 after buying an additional 3,000 shares during the period. Dimensional Fund Advisors LP purchased a new stake in shares of Zai Lab during the 2nd quarter worth $270,000. Renaissance Technologies LLC lifted its stake in shares of Zai Lab by 91.9% during the 2nd quarter. Renaissance Technologies LLC now owns 28,214 shares of the company's stock worth $489,000 after purchasing an additional 13,514 shares during the last quarter. XTX Topco Ltd boosted its position in Zai Lab by 19.2% during the second quarter. XTX Topco Ltd now owns 29,283 shares of the company's stock valued at $507,000 after purchasing an additional 4,710 shares in the last quarter. Finally, DCF Advisers LLC purchased a new position in Zai Lab in the second quarter valued at about $528,000. 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.