Zai Lab (NASDAQ:ZLAB) Shares Gap Up – Still a Buy?

Zai Lab Limited (NASDAQ:ZLAB) shares gapped up prior to trading on Tuesday . The stock had previously closed at $25.41, but opened at $27.28. Zai Lab shares last traded at $26.33, with a volume of 378,720 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ZLAB. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Zai Lab in a research note on Friday, October 25th. JPMorgan Chase & Co. increased their price target on Zai Lab from $38.00 to $44.00 and gave the company an “overweight” rating in a research note on Monday, October 21st.

Zai Lab Trading Up 1.3 %

The firm has a market capitalization of $2.82 billion, a P/E ratio of -9.29 and a beta of 1.00. The firm has a 50 day moving average price of $27.84 and a 200-day moving average price of $23.16.

Insider Activity

In other news, insider Rafael Amado sold 7,583 shares of the stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $26.28, for a total value of $199,281.24. Following the sale, the insider now directly owns 33,834 shares in the company, valued at approximately $889,157.52. This represents a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 13.88% of the company’s stock.

Institutional Investors Weigh In On Zai Lab

Several hedge funds and other institutional investors have recently modified their holdings of the business. Janus Henderson Group PLC raised its holdings in shares of Zai Lab by 34.2% in the third quarter. Janus Henderson Group PLC now owns 8,760,074 shares of the company’s stock worth $211,488,000 after buying an additional 2,232,507 shares during the period. Wellington Management Group LLP raised its position in shares of Zai Lab by 18.4% in the 3rd quarter. Wellington Management Group LLP now owns 8,436,606 shares of the company’s stock worth $203,660,000 after acquiring an additional 1,312,115 shares in the last quarter. Bamco Inc. NY raised its position in shares of Zai Lab by 6.4% in the 3rd quarter. Bamco Inc. NY now owns 1,906,520 shares of the company’s stock worth $46,023,000 after acquiring an additional 113,869 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Zai Lab by 26.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 604,153 shares of the company’s stock worth $14,584,000 after acquiring an additional 125,532 shares in the last quarter. Finally, TD Asset Management Inc grew its stake in Zai Lab by 1.4% during the 2nd quarter. TD Asset Management Inc now owns 221,970 shares of the company’s stock worth $3,847,000 after buying an additional 3,000 shares during the last quarter. 41.65% of the stock is currently owned by hedge funds and other institutional investors.

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.