Zai Lab (NASDAQ:ZLAB) Shares Gap Down to $20.85

Zai Lab Limited (NASDAQ:ZLAB - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $20.85, but opened at $20.39. Zai Lab shares last traded at $19.66, with a volume of 159,034 shares traded.

Analyst Upgrades and Downgrades

Separately, Citigroup lowered 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. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $64.22.

Zai Lab Trading Down 4.4 %

The company has a fifty day moving average of $16.87 and a 200-day moving average of $22.00. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of -5.71 and a beta of 1.11.

Zai Lab (NASDAQ:ZLAB - Get Free Report) last released its earnings results on Wednesday, May 8th. The company reported ($0.55) earnings per share for the quarter, topping analysts' consensus estimates of ($0.93) by $0.38. The business had revenue of $87.15 million for the quarter, compared to analyst estimates of $77.07 million. Zai Lab had a negative net margin of 116.45% and a negative return on equity of 40.21%. During the same period last year, the company posted ($0.51) EPS. As a group, equities research analysts expect that Zai Lab Limited will post -3.13 EPS for the current year.

Insiders Place Their Bets

In other news, insider Rafael Amado sold 2,544 shares of Zai Lab stock in a transaction on Friday, March 15th. The stock was sold at an average price of $18.86, for a total transaction of $47,979.84. Following the transaction, the insider now owns 20,093 shares in the company, valued at approximately $378,953.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Joshua L. Smiley sold 1,988 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $15.67, for a total value of $31,151.96. Following the completion of the transaction, 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 available at this hyperlink. Also, 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 owns 20,093 shares in the company, valued at approximately $378,953.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,568 shares of company stock valued at $421,808. Insiders own 5.23% of the company's stock.

Institutional Trading of Zai Lab

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Capital World Investors lifted its stake in Zai Lab by 8.9% during the first quarter. Capital World Investors now owns 5,684,180 shares of the company's stock worth $91,061,000 after purchasing an additional 465,337 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Zai Lab by 177.6% in the 4th quarter. Wellington Management Group LLP now owns 5,336,457 shares of the company's stock valued at $145,845,000 after buying an additional 3,413,829 shares during the period. Janus Henderson Group PLC lifted its stake in Zai Lab by 9.6% during the 1st quarter. Janus Henderson Group PLC now owns 4,428,011 shares of the company's stock worth $70,924,000 after acquiring an additional 387,729 shares in the last quarter. Bamco Inc. NY boosted its holdings in Zai Lab by 7.3% during the 1st quarter. Bamco Inc. NY now owns 1,599,865 shares of the company's stock valued at $25,630,000 after acquiring an additional 108,991 shares during the period. Finally, Rock Springs Capital Management LP grew its position in Zai Lab by 1.2% in the 3rd quarter. Rock Springs Capital Management LP now owns 1,237,023 shares of the company's stock valued at $30,072,000 after acquiring an additional 14,600 shares in the last quarter. 41.65% of the stock is owned by institutional investors and hedge funds.

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.