Zai Lab (NASDAQ:ZLAB) Shares Down 2.4%

Zai Lab Limited (NASDAQ:ZLAB) shares traded down 2.4% during trading on Wednesday . The company traded as low as $14.04 and last traded at $14.07. 11,979 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 635,869 shares. The stock had previously closed at $14.42.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Citigroup reduced their target price on Zai Lab from $123.00 to $66.00 and set a “buy” rating on the stock in a research note on Thursday, February 29th. Cantor Fitzgerald reissued an “overweight” rating on shares of Zai Lab in a research note on Friday, January 12th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $64.22.

Zai Lab Price Performance

The stock has a 50 day moving average price of $18.28 and a 200-day moving average price of $23.12. The stock has a market capitalization of $1.38 billion, a P/E ratio of -4.03 and a beta of 1.10.

Zai Lab (NASDAQ:ZLAB) last announced its quarterly earnings data on Tuesday, February 27th. The company reported ($0.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.87) by ($0.11). The company had revenue of $65.83 million for the quarter, compared to the consensus estimate of $70.41 million. Zai Lab had a negative net margin of 125.46% and a negative return on equity of 37.07%. Research analysts predict that Zai Lab Limited will post -3.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Joshua L. Smiley sold 1,988 shares of the firm’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $15.67, for a total value of $31,151.96. Following the sale, the insider now directly owns 28,684 shares of the company’s stock, valued at $449,478.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Zai Lab news, insider Joshua L. Smiley sold 1,988 shares of the firm’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $15.67, for a total value of $31,151.96. Following the completion of the sale, the insider now directly owns 28,684 shares in the company, valued at $449,478.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rafael Amado sold 2,544 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $18.86, for a total transaction of $47,979.84. Following the completion of the sale, the insider now owns 20,093 shares of the company’s stock, valued at $378,953.98. The disclosure for this sale can be found here. Insiders have sold 12,568 shares of company stock valued at $208,508 over the last ninety days. 5.23% of the stock is owned by insiders.

Hedge Funds Weigh In On Zai Lab

Several large investors have recently made changes to their positions in the business. Invesco Ltd. lifted its holdings in shares of Zai Lab by 13.9% during the first quarter. Invesco Ltd. now owns 8,258,118 shares of the company’s stock valued at $363,192,000 after purchasing an additional 1,006,575 shares during the last quarter. Wellington Management Group LLP raised its holdings in Zai Lab by 177.6% in the 4th quarter. Wellington Management Group LLP now owns 5,336,457 shares of the company’s stock worth $145,845,000 after acquiring an additional 3,413,829 shares during the last quarter. BlackRock Inc. raised its holdings in Zai Lab by 1.9% in the 1st quarter. BlackRock Inc. now owns 4,381,747 shares of the company’s stock worth $145,737,000 after acquiring an additional 80,310 shares during the last quarter. Vanguard Group Inc. raised its holdings in Zai Lab by 54.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,553,080 shares of the company’s stock worth $121,515,000 after acquiring an additional 1,258,009 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Zai Lab by 62.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,409,373 shares of the company’s stock worth $80,136,000 after acquiring an additional 923,108 shares during the last quarter. 41.65% of the stock is currently owned by hedge funds and other institutional investors.

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.