Zai Lab (NASDAQ:ZLAB) Shares Gap Down to $21.01

Shares of Zai Lab Limited (NASDAQ:ZLAB - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $21.01, but opened at $20.40. Zai Lab shares last traded at $21.17, with a volume of 238,378 shares trading hands.

Analysts Set New Price Targets

Several research firms have recently issued reports on ZLAB. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Zai Lab in a research note on Friday, January 12th. Citigroup decreased their price target on shares of Zai Lab from $123.00 to $66.00 and set a "buy" rating for the company in a research report on Thursday, February 29th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $64.22.

Zai Lab Trading Down 4.4 %

The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -6.09 and a beta of 1.11. The business's 50-day simple moving average is $16.78 and its two-hundred day simple moving average is $22.11.

Zai Lab (NASDAQ:ZLAB - Get Free Report) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.55) earnings per share for the quarter, topping the consensus estimate of ($0.93) by $0.38. The company had revenue of $87.15 million during the quarter, compared to analysts' expectations of $77.07 million. Zai Lab had a negative net margin of 125.46% and a negative return on equity of 37.07%. During the same period in the prior year, the company posted ($0.51) earnings per share. On average, analysts forecast that Zai Lab Limited will post -3.27 earnings per share for the current fiscal year.

Insider Activity at Zai Lab

In other Zai Lab news, insider Rafael Amado sold 2,544 shares of Zai Lab stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $18.86, for a total value of $47,979.84. Following the completion of the sale, the insider now directly owns 20,093 shares in the company, valued at $378,953.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Zai Lab news, insider Rafael Amado sold 2,544 shares of Zai Lab stock in a transaction on Friday, March 15th. The shares were sold at an average price of $18.86, for a total value of $47,979.84. Following the completion of the sale, the insider now directly owns 20,093 shares of the company's stock, valued at $378,953.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ying Du sold 5,787 shares of the stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $16.15, for a total transaction of $93,460.05. Following the transaction, the chief executive officer now directly owns 1,107,972 shares in the company, valued at approximately $17,893,747.80. The disclosure for this sale can be found here. Insiders have sold a total of 12,568 shares of company stock worth $208,508 in the last 90 days. Corporate insiders own 5.23% of the company's stock.

Institutional Investors Weigh In On Zai Lab

Several hedge funds and other institutional investors have recently modified their holdings of ZLAB. Mirae Asset Global Investments Co. Ltd. raised its holdings in Zai Lab by 7.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 121,627 shares of the company's stock worth $2,957,000 after buying an additional 8,590 shares during the last quarter. TD Asset Management Inc lifted its position in Zai Lab by 114.6% in the 3rd quarter. TD Asset Management Inc now owns 216,970 shares of the company's stock valued at $5,275,000 after acquiring an additional 115,885 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in Zai Lab by 89.5% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 22,355 shares of the company's stock valued at $543,000 after purchasing an additional 10,561 shares during the last quarter. Long Corridor Asset Management Ltd increased its holdings in Zai Lab by 93.8% during the 3rd quarter. Long Corridor Asset Management Ltd now owns 31,000 shares of the company's stock worth $754,000 after purchasing an additional 15,000 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Zai Lab by 68.4% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,371 shares of the company's stock worth $33,000 after purchasing an additional 557 shares in the last quarter. Institutional investors own 41.65% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.