Zai Lab (NASDAQ:ZLAB) Stock Price Down 3.5% – What’s Next?

Zai Lab Limited (NASDAQ:ZLAB)’s share price dropped 3.5% on Wednesday . The company traded as low as $35.58 and last traded at $35.99. Approximately 110,429 shares changed hands during trading, a decline of 86% from the average daily volume of 766,441 shares. The stock had previously closed at $37.29.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ZLAB shares. JPMorgan Chase & Co. raised their price objective on Zai Lab from $44.00 to $51.00 and gave the company an “overweight” rating in a research report on Thursday, March 13th. Cantor Fitzgerald restated an “overweight” rating on shares of Zai Lab in a report on Thursday, March 27th. Bank of America reaffirmed a “neutral” rating and issued a $36.10 price objective (up previously from $29.00) on shares of Zai Lab in a research report on Monday, March 3rd. Finally, Scotiabank initiated coverage on shares of Zai Lab in a research report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 target price on the stock.

Zai Lab Stock Performance

The firm has a fifty day simple moving average of $32.61 and a 200-day simple moving average of $28.69. The company has a market capitalization of $4.02 billion, a PE ratio of -13.25 and a beta of 1.07.

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

Insider Buying and Selling at Zai Lab

In other Zai Lab news, insider Frazor Titus Edmondson III sold 14,544 shares of the business’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $32.98, for a total transaction of $479,661.12. Following the completion of the sale, the insider now owns 14,328 shares in the company, valued at $472,537.44. The trade was a 50.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Rafael Amado sold 3,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $38.41, for a total transaction of $115,230.00. Following the sale, the insider now directly owns 30,834 shares in the company, valued at $1,184,333.94. This trade represents a 8.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 133,001 shares of company stock worth $4,495,143 over the last quarter. 13.88% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ZLAB. The Manufacturers Life Insurance Company lifted its holdings in Zai Lab by 3.3% in the third quarter. The Manufacturers Life Insurance Company now owns 121,084 shares of the company’s stock worth $2,923,000 after acquiring an additional 3,860 shares during the last quarter. PEAK6 Investments LLC bought a new position in shares of Zai Lab during the third quarter valued at approximately $386,000. Erste Asset Management GmbH acquired a new stake in shares of Zai Lab during the 3rd quarter worth approximately $357,000. Point72 Asset Management L.P. bought a new stake in shares of Zai Lab in the 3rd quarter worth approximately $325,000. Finally, RBF Capital LLC bought a new stake in shares of Zai Lab in the 3rd quarter worth approximately $241,000. 41.65% of the stock is owned by institutional investors and hedge funds.

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.