Legacy Wealth Asset Management LLC Invests $805,000 in Zai Lab Limited (NASDAQ:ZLAB)

Legacy Wealth Asset Management LLC acquired a new stake in Zai Lab Limited (NASDAQ:ZLAB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,285 shares of the company's stock, valued at approximately $805,000.

A number of other hedge funds have also modified their holdings of ZLAB. GF Fund Management CO. LTD. purchased a new stake in shares of Zai Lab in the fourth quarter worth about $29,000. Pictet Asset Management Holding SA purchased a new stake in shares of Zai Lab in the fourth quarter worth about $31,000. Barclays PLC boosted its stake in shares of Zai Lab by 337.6% in the fourth quarter. Barclays PLC now owns 3,702 shares of the company's stock worth $97,000 after buying an additional 2,856 shares during the last quarter. US Bancorp DE boosted its position in Zai Lab by 1,671.9% during the fourth quarter. US Bancorp DE now owns 5,865 shares of the company's stock worth $154,000 after purchasing an additional 5,534 shares in the last quarter. Finally, Jasper Ridge Partners L.P. purchased a new position in shares of Zai Lab in the fourth quarter valued at approximately $210,000. 41.65% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Zai Lab Trading Up 1.3%

NASDAQ:ZLAB traded up $0.46 during midday trading on Thursday, reaching $36.54. The company had a trading volume of 890,054 shares, compared to its average volume of 876,972. The firm has a market capitalization of $4.03 billion, a price-to-earnings ratio of -13.19 and a beta of 1.04. The stock's fifty day simple moving average is $30.91 and its 200-day simple moving average is $29.94. Zai Lab Limited has a 12-month low of $16.01 and a 12-month high of $39.77.

Zai Lab (NASDAQ:ZLAB - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.45) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.50) by $0.05. Zai Lab had a negative return on equity of 36.97% and a negative net margin of 76.14%. The company had revenue of $106.49 million during the quarter, compared to the consensus estimate of $118.40 million. As a group, sell-side analysts expect that Zai Lab Limited will post -2.58 EPS for the current year.

Insider Buying and Selling

In other news, CFO Yajing Chen sold 924 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $33.11, for a total transaction of $30,593.64. Following the completion of the transaction, the chief financial officer now directly owns 27,047 shares of the company's stock, valued at approximately $895,526.17. This represents a 3.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Frazor Titus Edmondson III sold 4,369 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $35.89, for a total value of $156,803.41. Following the completion of the transaction, the insider now directly owns 27,217 shares of the company's stock, valued at $976,818.13. The trade was a 13.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,207 shares of company stock valued at $3,880,239 over the last three months. 4.96% of the stock is currently owned by company insiders.

Zai Lab 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.