Mackenzie Financial Corp Invests $304,000 in Zai Lab Limited Unsponsored ADR (NASDAQ:ZLAB)

Key Points

• Mackenzie Financial Corp acquired a new stake in Zai Lab Limited, purchasing 8,402 shares valued at approximately $304,000 in the first quarter of the year.
• Insider trading activity revealed that CEO Ying Du and Director William Lis sold significant shares of the company, indicating a potential decrease in insider confidence.
• Zai Lab's recent quarterly earnings showed a loss of ($0.37) per share, meeting consensus estimates, but falling short of revenue expectations, earning $109.98 million against an expected $125.66 million.

Mackenzie Financial Corp bought a new position in shares of Zai Lab Limited Unsponsored ADR (NASDAQ:ZLAB - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,402 shares of the company's stock, valued at approximately $304,000.

A number of other hedge funds have also modified their holdings of ZLAB. Oppenheimer Asset Management Inc. purchased a new position in shares of Zai Lab during the 1st quarter worth about $603,000. BNP Paribas Financial Markets raised its stake in shares of Zai Lab by 1,439.8% during the fourth quarter. BNP Paribas Financial Markets now owns 19,755 shares of the company's stock valued at $517,000 after purchasing an additional 18,472 shares during the period. FMR LLC raised its stake in shares of Zai Lab by 749.1% during the fourth 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 period. Wells Fargo & Company MN boosted its stake in shares of Zai Lab by 8,090.8% during the 4th quarter. Wells Fargo & Company MN now owns 40,954 shares of the company's stock valued at $1,073,000 after buying an additional 40,454 shares during the last quarter. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Zai Lab during the fourth quarter worth approximately $976,000. 41.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on ZLAB. Wall Street Zen downgraded shares of Zai Lab from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Leerink Partners set a $75.00 price target on Zai Lab and gave the stock an "outperform" rating in a report on Monday, June 30th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $54.28.

Zai Lab Stock Performance

Shares of ZLAB stock traded up $0.88 during trading on Friday, hitting $34.96. 627,495 shares of the company were exchanged, compared to its average volume of 872,755. The firm has a market capitalization of $3.88 billion, a price-to-earnings ratio of -17.14 and a beta of 1.03. The business's 50-day simple moving average is $36.63 and its 200 day simple moving average is $33.30. Zai Lab Limited Unsponsored ADR has a twelve month low of $16.01 and a twelve month high of $44.34.

Zai Lab (NASDAQ:ZLAB - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.37) EPS for the quarter, hitting the consensus estimate of ($0.37). The business had revenue of $109.98 million during the quarter, compared to analysts' expectations of $125.66 million. Zai Lab had a negative net margin of 49.68% and a negative return on equity of 27.32%. On average, equities analysts forecast that Zai Lab Limited Unsponsored ADR will post -2.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Zai Lab news, CEO Ying Du sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $28.57, for a total value of $1,428,500.00. Following the sale, the chief executive officer owned 479,851 shares of the company's stock, valued at $13,709,343.07. This trade represents a 9.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Yajing Chen sold 9,618 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $30.00, for a total value of $288,540.00. Following the completion of the sale, the chief financial officer directly owned 17,429 shares in the company, valued at $522,870. This trade represents a 35.56% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 160,155 shares of company stock worth $4,959,535. Insiders own 4.96% of the company's stock.

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.