Zai Lab (NASDAQ:ZLAB) Price Target Cut to $38.00

Zai Lab (NASDAQ:ZLAB) had its price objective decreased by JPMorgan Chase & Co. from $43.00 to $38.00 in a report issued on Friday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Separately, Cantor Fitzgerald reissued an overweight rating on shares of Zai Lab in a report on Monday, July 1st. 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 price target of $58.97.

Zai Lab Stock Up 1.1 %

NASDAQ:ZLAB opened at $18.04 on Friday. The business’s 50-day simple moving average is $18.66 and its two-hundred day simple moving average is $19.33. The stock has a market cap of $1.80 billion, a PE ratio of -5.17 and a beta of 1.06. Zai Lab has a 52 week low of $13.48 and a 52 week high of $32.60.

Zai Lab (NASDAQ:ZLAB) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.55) EPS for the quarter, beating analysts’ consensus estimates of ($0.93) by $0.38. The business had revenue of $87.15 million for the quarter, compared to analysts’ expectations 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 period last year, the firm earned ($0.51) earnings per share. Sell-side analysts anticipate that Zai Lab will post -2.76 earnings per share for the current fiscal year.

Insider Transactions at Zai Lab

In other news, insider Frazor Titus Edmondson III sold 10,000 shares of Zai Lab stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $21.33, for a total value of $213,300.00. Following the sale, the insider now directly owns 16,408 shares of the company’s stock, valued at $349,982.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Frazor Titus Edmondson III sold 10,000 shares of Zai Lab stock in a transaction dated Tuesday, May 14th. The stock was 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 owns 16,408 shares in the company, valued at $349,982.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Harald Reinhart sold 7,431 shares of Zai Lab stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $17.90, for a total value of $133,014.90. Following the completion of the transaction, the insider now owns 62,619 shares of the company’s stock, valued at approximately $1,120,880.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,934 shares of company stock valued at $1,116,043. 5.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in shares of Zai Lab during the fourth quarter valued at approximately $116,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Zai Lab by 323.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 5,802 shares of the company’s stock valued at $159,000 after buying an additional 4,431 shares during the period. New York State Common Retirement Fund boosted its position in shares of Zai Lab by 4,470.6% during the fourth quarter. New York State Common Retirement Fund now owns 33,548 shares of the company’s stock valued at $917,000 after buying an additional 32,814 shares during the period. RWC Asset Management LLP purchased a new stake in shares of Zai Lab in the fourth quarter valued at approximately $228,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in shares of Zai Lab in the fourth quarter valued at approximately $253,000. Hedge funds and other institutional investors 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.