Zai Lab (NASDAQ:ZLAB) Shares Up 3.8% - Here's What Happened

Zai Lab Limited (NASDAQ:ZLAB - Get Free Report) shot up 3.8% during trading on Tuesday . The company traded as high as $33.85 and last traded at $32.94. 306,196 shares changed hands during trading, a decline of 65% from the average session volume of 871,369 shares. The stock had previously closed at $31.73.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ZLAB. Scotiabank began coverage on Zai Lab in a research report on Friday. They set a "sector outperform" rating and a $55.00 price target on the stock. Bank of America reaffirmed a "neutral" rating and set a $36.10 price target (up previously from $29.00) on shares of Zai Lab in a research report on Monday, March 3rd. Finally, Cantor Fitzgerald raised Zai Lab to a "strong-buy" rating in a research report on Tuesday.

Zai Lab Trading Up 2.9 %

The business has a fifty day moving average of $28.46 and a 200-day moving average of $26.51. The firm has a market cap of $3.99 billion, a PE ratio of -13.15 and a beta of 1.08.

Zai Lab (NASDAQ:ZLAB - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.61) by ($0.19). The company 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, equities analysts forecast that Zai Lab Limited will post -2.58 EPS for the current year.

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Insider Buying and Selling

In other Zai Lab news, insider Rafael Amado sold 7,583 shares of the firm's stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $26.28, for a total value of $199,281.24. Following the sale, the insider now owns 33,834 shares of the company's stock, valued at $889,157.52. This trade represents a 18.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ying Du sold 50,000 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $32.44, for a total value of $1,622,000.00. Following the completion of the sale, the chief executive officer now directly owns 494,117 shares in the company, valued at approximately $16,029,155.48. The trade was a 9.19 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 122,127 shares of company stock valued at $4,024,442. Corporate insiders own 13.88% of the company's stock.

Institutional Trading of Zai Lab

Several institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC raised its holdings in shares of Zai Lab by 34.2% in the 3rd quarter. Janus Henderson Group PLC now owns 8,760,074 shares of the company's stock valued at $211,488,000 after acquiring an additional 2,232,507 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Zai Lab by 18.4% during the 3rd quarter. Wellington Management Group LLP now owns 8,436,606 shares of the company's stock valued at $203,660,000 after purchasing an additional 1,312,115 shares during the last quarter. FMR LLC increased its position in shares of Zai Lab by 749.1% during the 4th quarter. FMR LLC now owns 5,475,505 shares of the company's stock valued at $143,403,000 after purchasing an additional 4,830,646 shares during the last quarter. RTW Investments LP bought a new position in shares of Zai Lab during the 4th quarter valued at about $65,714,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Zai Lab by 30.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,354,025 shares of the company's stock valued at $61,653,000 after purchasing an additional 548,378 shares during the last quarter. 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.