Zai Lab (NASDAQ:ZLAB) Shares Gap Down – Here’s What Happened

Zai Lab Limited (NASDAQ:ZLAB)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $26.35, but opened at $23.98. Zai Lab shares last traded at $24.64, with a volume of 86,669 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on ZLAB shares. JPMorgan Chase & Co. cut their target price on Zai Lab from $43.00 to $38.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Cantor Fitzgerald restated an “overweight” rating on shares of Zai Lab in a research note on Wednesday, August 7th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $58.97.

Zai Lab Stock Performance

The stock has a fifty day simple moving average of $19.88 and a 200-day simple moving average of $18.42.

Zai Lab (NASDAQ:ZLAB) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.16). The firm had revenue of $100.50 million for the quarter, compared to the consensus estimate of $94.46 million. Zai Lab had a negative net margin of 92.44% and a negative return on equity of 37.96%. On average, equities research analysts anticipate that Zai Lab Limited will post -2.95 EPS for the current year.

Insider Transactions at Zai Lab

In related news, insider Joshua L. Smiley sold 4,352 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $16.67, for a total transaction of $72,547.84. Following the transaction, the insider now owns 43,232 shares in the company, valued at $720,677.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ZLAB. BNP Paribas Financial Markets boosted its holdings in Zai Lab by 51.2% in the first quarter. BNP Paribas Financial Markets now owns 2,671 shares of the company’s stock valued at $43,000 after acquiring an additional 904 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Zai Lab during the 1st quarter worth approximately $64,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Zai Lab by 64.3% during the first quarter. China Universal Asset Management Co. Ltd. now owns 9,530 shares of the company’s stock worth $153,000 after buying an additional 3,728 shares during the last quarter. Swedbank AB acquired a new position in Zai Lab in the first quarter valued at approximately $244,000. Finally, Dimensional Fund Advisors LP bought a new position in Zai Lab in the second quarter valued at approximately $270,000. Institutional investors and hedge funds 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.