Zai Lab (NASDAQ:ZLAB) Shares Gap Up Following Analyst Upgrade

Zai Lab Limited Unsponsored ADR (NASDAQ:ZLAB - Get Free Report) shares gapped up before the market opened on Monday after JPMorgan Chase & Co. raised their price target on the stock from $44.00 to $51.00. The stock had previously closed at $34.74, but opened at $36.26. JPMorgan Chase & Co. currently has an overweight rating on the stock. Zai Lab shares last traded at $35.13, with a volume of 154,103 shares.

ZLAB has been the subject of several other research reports. Scotiabank initiated coverage on shares of Zai Lab in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $55.00 target price for the company. Cantor Fitzgerald upgraded Zai Lab to a "strong-buy" rating in a research report on Tuesday, March 4th. Finally, Bank of America restated a "neutral" rating and set a $36.10 price objective (up from $29.00) on shares of Zai Lab in a research report on Monday, March 3rd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $54.28.

Insider Activity

In other news, insider Frazor Titus Edmondson III sold 1,874 shares of the company's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $33.11, for a total transaction of $62,048.14. Following the sale, the insider owned 30,375 shares in the company, valued at $1,005,716.25. This represents a 5.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Yajing Chen sold 9,618 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $30.00, for a total transaction of $288,540.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 165,898 shares of company stock worth $5,149,686 over the last quarter. 4.96% of the stock is owned by insiders.

Hedge Funds Weigh In On Zai Lab

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. bought a new stake in Zai Lab in the 4th quarter valued at about $29,000. Pictet Asset Management Holding SA bought a new position in shares of Zai Lab in the 4th quarter valued at $31,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Zai Lab during the first quarter valued at about $75,000. Advisors Preferred LLC bought a new stake in Zai Lab during the 1st quarter worth approximately $110,000. Finally, Barclays PLC grew its stake in shares of Zai Lab by 337.6% in the fourth quarter. Barclays PLC now owns 3,702 shares of the company's stock worth $97,000 after purchasing an additional 2,856 shares during the last quarter. 41.65% of the stock is owned by institutional investors.

Zai Lab Trading Up 2.6%

The business has a 50-day simple moving average of $33.71 and a 200 day simple moving average of $31.32. The stock has a market cap of $4.05 billion, a P/E ratio of -14.63 and a beta of 0.99.

Zai Lab (NASDAQ:ZLAB - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.45) EPS for the quarter, beating analysts' consensus estimates of ($0.50) by $0.05. The firm had revenue of $106.49 million during the quarter, compared to analysts' expectations of $118.40 million. Zai Lab had a negative return on equity of 33.35% and a negative net margin of 60.26%. As a group, equities analysts expect that Zai Lab Limited Unsponsored ADR will post -2.58 earnings per share for the current year.

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.