Zai Lab (NASDAQ:ZLAB) Stock Price Up 10% – Still a Buy?

Zai Lab Limited (NASDAQ:ZLAB)’s stock price shot up 10% during mid-day trading on Wednesday . The stock traded as high as $32.03 and last traded at $31.85. 115,439 shares changed hands during trading, a decline of 83% from the average session volume of 666,083 shares. The stock had previously closed at $28.96.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ZLAB. JPMorgan Chase & Co. upped their target price on Zai Lab from $38.00 to $44.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Zai Lab in a research report on Friday, October 25th.

Zai Lab Stock Down 11.0 %

The business has a fifty day moving average price of $25.78 and a two-hundred day moving average price of $20.94.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Capital World Investors boosted its stake in shares of Zai Lab by 8.9% in the first quarter. Capital World Investors now owns 5,684,180 shares of the company’s stock worth $91,061,000 after buying an additional 465,337 shares during the last quarter. M&G Plc purchased a new stake in shares of Zai Lab in the first quarter worth about $7,266,000. Russell Investments Group Ltd. boosted its stake in shares of Zai Lab by 51.1% in the first quarter. Russell Investments Group Ltd. now owns 293,783 shares of the company’s stock worth $4,706,000 after buying an additional 99,355 shares during the last quarter. Swedbank AB purchased a new stake in shares of Zai Lab in the first quarter worth about $244,000. Finally, DCF Advisers LLC purchased a new stake in shares of Zai Lab in the second quarter worth about $528,000. 41.65% of the stock is owned by institutional investors and hedge funds.

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.