Zai Lab (NASDAQ:ZLAB) Sets New 1-Year High - Here's What Happened

Zai Lab Limited (NASDAQ:ZLAB - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $39.98 and last traded at $39.50, with a volume of 22132 shares traded. The stock had previously closed at $37.87.

Analyst Ratings Changes

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

Zai Lab Price Performance

The company's 50 day simple moving average is $31.78 and its 200 day simple moving average is $30.50. The stock has a market cap of $4.52 billion, a P/E ratio of -14.80 and a beta of 0.96.

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, beating the consensus estimate of ($0.50) by $0.05. The company had revenue of $106.49 million during the quarter, compared to analyst estimates of $118.40 million. Zai Lab had a negative net margin of 76.14% and a negative return on equity of 36.97%. On average, equities research analysts predict that Zai Lab Limited will post -2.58 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Frazor Titus Edmondson III sold 4,369 shares of the company'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 owns 27,217 shares in the company, valued at $976,818.13. This represents a 13.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Rafael Amado sold 3,000 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $38.41, for a total transaction of $115,230.00. Following the sale, the insider now owns 30,834 shares in the company, valued at approximately $1,184,333.94. The trade was a 8.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,207 shares of company stock worth $3,880,239 over the last ninety days. 4.96% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ZLAB. Principal Financial Group Inc. bought a new stake in Zai Lab in the 4th quarter valued at approximately $46,172,000. Alberta Investment Management Corp raised its holdings in shares of Zai Lab by 42.9% in the fourth quarter. Alberta Investment Management Corp now owns 232,293 shares of the company's stock valued at $6,084,000 after purchasing an additional 69,740 shares during the last quarter. Allianz Asset Management GmbH lifted its position in shares of Zai Lab by 188.6% in the fourth quarter. Allianz Asset Management GmbH now owns 1,505,866 shares of the company's stock worth $39,442,000 after purchasing an additional 984,041 shares in the last quarter. US Bancorp DE boosted its holdings 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 during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Zai Lab in the fourth quarter valued at $1,032,000. 41.65% of the stock is owned by institutional investors and hedge funds.

Zai Lab Company 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.