JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Zai Lab (NASDAQ:ZLAB) Stock

Zai Lab (NASDAQ:ZLAB) had its price objective hoisted by equities researchers at JPMorgan Chase & Co. from $44.00 to $51.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 33.51% from the stock’s current price.

Several other brokerages have also recently weighed in on ZLAB. Bank of America reiterated a “neutral” rating and issued a $36.10 price target (up from $29.00) on shares of Zai Lab in a research report on Monday, March 3rd. Scotiabank assumed coverage on Zai Lab in a research note on Friday, March 7th. They set a “sector outperform” rating and a $55.00 price objective for the company. Finally, Cantor Fitzgerald raised Zai Lab to a “strong-buy” rating in a research note on Tuesday, March 4th.

Zai Lab Price Performance

NASDAQ:ZLAB opened at $38.20 on Thursday. The company has a market capitalization of $4.19 billion, a P/E ratio of -13.79 and a beta of 1.08. Zai Lab has a 1 year low of $13.48 and a 1 year high of $39.61. The business has a fifty day simple moving average of $29.47 and a two-hundred day simple moving average of $27.08.

Zai Lab (NASDAQ:ZLAB) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.61) by ($0.19). The company had revenue of $109.07 million during the quarter, compared to analysts’ expectations of $110.15 million. Zai Lab had a negative net margin of 76.14% and a negative return on equity of 36.97%. As a group, analysts anticipate that Zai Lab will post -2.58 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Rafael Amado sold 7,583 shares of the business’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $26.28, for a total value of $199,281.24. Following the completion of the sale, the insider now owns 33,834 shares of the company’s stock, valued at approximately $889,157.52. The trade was a 18.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Frazor Titus Edmondson III sold 14,544 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $32.98, for a total value of $479,661.12. Following the completion of the sale, the insider now directly owns 14,328 shares of the company’s stock, valued at approximately $472,537.44. This trade represents a 50.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 122,127 shares of company stock valued at $4,024,442 over the last 90 days. Insiders own 13.88% of the company’s stock.

Institutional Investors Weigh In On Zai Lab

Hedge funds and other institutional investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. bought a new stake in shares of Zai Lab in the 4th quarter valued at about $29,000. Pictet Asset Management Holding SA purchased a new position in Zai Lab during the 4th quarter valued at about $31,000. Barclays PLC increased its holdings in Zai Lab by 337.6% during the 4th quarter. Barclays PLC now owns 3,702 shares of the company’s stock valued at $97,000 after purchasing an additional 2,856 shares during the period. US Bancorp DE increased its holdings in Zai Lab by 1,671.9% during the 4th quarter. US Bancorp DE now owns 5,865 shares of the company’s stock valued at $154,000 after purchasing an additional 5,534 shares during the period. Finally, Jasper Ridge Partners L.P. purchased a new position in Zai Lab during the 4th quarter valued at about $210,000. Institutional investors 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.