Zai Lab (NASDAQ:ZLAB) Shares Gap Down to $18.98

Zai Lab Limited (NASDAQ:ZLAB)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $18.98, but opened at $18.56. Zai Lab shares last traded at $18.57, with a volume of 12,846 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Citigroup dropped their price target on 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, Zai Lab has an average rating of “Buy” and an average target price of $64.57.

Zai Lab Stock Performance

The stock has a 50 day simple moving average of $17.82 and a two-hundred day simple moving average of $20.58.

Zai Lab (NASDAQ:ZLAB) last released its quarterly earnings data 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 company had revenue of $87.15 million for the quarter, compared to analyst estimates of $77.07 million. Zai Lab had a negative return on equity of 40.21% and a negative net margin of 116.45%. During the same quarter in the previous year, the company posted ($0.51) earnings per share. Equities analysts forecast that Zai Lab Limited will post -2.78 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Joshua L. Smiley sold 1,988 shares of the company’s stock in a transaction 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 transaction, the insider now owns 28,684 shares of the company’s stock, valued at approximately $449,478.28. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Joshua L. Smiley sold 1,988 shares of the company’s stock in a transaction 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 transaction, the insider now owns 28,684 shares of the company’s stock, valued at approximately $449,478.28. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Frazor Titus Edmondson III sold 10,000 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $21.33, for a total value of $213,300.00. Following the completion of the transaction, the insider now directly owns 16,408 shares in the company, valued at approximately $349,982.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,024 shares of company stock valued at $373,828. Insiders own 5.23% of the company’s stock.

Hedge Funds Weigh In On Zai Lab

Several large investors have recently modified their holdings of the business. BNP Paribas Financial Markets raised its holdings in shares of Zai Lab by 51.2% in the 1st quarter. BNP Paribas Financial Markets now owns 2,671 shares of the company’s stock valued at $43,000 after buying an additional 904 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Zai Lab in the 1st quarter valued at $64,000. Tower Research Capital LLC TRC raised its holdings in shares of Zai Lab by 1,923.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,550 shares of the company’s stock valued at $70,000 after buying an additional 2,424 shares during the period. Sectoral Asset Management Inc. raised its holdings in shares of Zai Lab by 33.3% in the 4th quarter. Sectoral Asset Management Inc. now owns 4,000 shares of the company’s stock valued at $109,000 after buying an additional 1,000 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Zai Lab in the 4th quarter valued at $116,000. Institutional investors and hedge funds own 41.65% of the company’s stock.

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.