Millennium Management LLC Sells 15,023 Shares of Zai Lab Limited (NASDAQ:ZLAB)

Millennium Management LLC reduced its stake in Zai Lab Limited (NASDAQ:ZLAB - Free Report) by 10.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,387 shares of the company's stock after selling 15,023 shares during the period. Millennium Management LLC owned approximately 0.11% of Zai Lab worth $3,232,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Lazard Asset Management LLC acquired a new position in shares of Zai Lab during the fourth quarter valued at approximately $1,130,000. LMR Partners LLP purchased a new position in Zai Lab during the 4th quarter worth approximately $520,000. Jasper Ridge Partners L.P. purchased a new position in Zai Lab during the 4th quarter worth approximately $210,000. D. E. Shaw & Co. Inc. grew its position in Zai Lab by 222.0% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 73,412 shares of the company's stock worth $1,923,000 after purchasing an additional 133,563 shares in the last quarter. Finally, Bridgefront Capital LLC purchased a new position in Zai Lab during the 4th quarter worth approximately $296,000. Institutional investors own 41.65% of the company's stock.

Insiders Place Their Bets

In other Zai Lab news, insider Rafael Amado sold 3,000 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $38.41, for a total transaction of $115,230.00. Following the completion of the transaction, the insider now owns 30,834 shares of the company's stock, valued at $1,184,333.94. The trade was a 8.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Frazor Titus Edmondson III sold 4,369 shares of the business's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $35.89, for a total transaction of $156,803.41. Following the transaction, the insider now owns 27,217 shares in the company, valued at approximately $976,818.13. The trade was a 13.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 120,589 shares of company stock valued at $3,591,699 in the last quarter. Insiders own 4.96% of the company's stock.

Zai Lab Price Performance

Shares of ZLAB stock traded up $1.05 on Monday, hitting $31.19. The company's stock had a trading volume of 955,495 shares, compared to its average volume of 868,623. Zai Lab Limited has a fifty-two week low of $16.01 and a fifty-two week high of $39.77. The firm's fifty day moving average price is $31.08 and its 200-day moving average price is $29.78. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of -11.26 and a beta of 1.04.

Zai Lab (NASDAQ:ZLAB - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.50) by $0.05. Zai Lab had a negative net margin of 76.14% and a negative return on equity of 36.97%. The business had revenue of $106.49 million during the quarter, compared to analyst estimates of $118.40 million. Analysts predict that Zai Lab Limited will post -2.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on ZLAB. Cantor Fitzgerald restated an "overweight" rating on shares of Zai Lab in a report on Thursday, March 27th. Bank of America restated a "neutral" rating and set a $36.10 price target (up from $29.00) on shares of Zai Lab in a report on Monday, March 3rd. JPMorgan Chase & Co. boosted their price target on shares of Zai Lab from $44.00 to $51.00 and gave the company an "overweight" rating in a report on Thursday, March 13th. Finally, Scotiabank began coverage on shares of Zai Lab in a report on Friday, March 7th. They set a "sector outperform" rating and a $55.00 price target on the 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.