Zai Lab (NASDAQ:ZLAB) Stock Price Down 4.9% – Here’s What Happened

Zai Lab Limited (NASDAQ:ZLAB)’s share price traded down 4.9% during trading on Monday . The stock traded as low as $25.55 and last traded at $25.74. 200,004 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 690,997 shares. The stock had previously closed at $27.06.

Analysts Set New Price Targets

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

Zai Lab Price Performance

The business’s 50-day moving average price is $26.28 and its 200 day moving average price is $21.26. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of -9.39 and a beta of 1.04.

Institutional Investors Weigh In On Zai Lab

Several large investors have recently made changes to their positions in the company. Janus Henderson Group PLC boosted its stake in Zai Lab by 34.2% during the third quarter. Janus Henderson Group PLC now owns 8,760,074 shares of the company’s stock valued at $211,488,000 after buying an additional 2,232,507 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Zai Lab by 18.4% during the 3rd quarter. Wellington Management Group LLP now owns 8,436,606 shares of the company’s stock valued at $203,660,000 after acquiring an additional 1,312,115 shares during the last quarter. Capital World Investors boosted its stake in shares of Zai Lab by 8.9% during the 1st quarter. Capital World Investors now owns 5,684,180 shares of the company’s stock worth $91,061,000 after acquiring an additional 465,337 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings 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 during the last quarter. Finally, Bamco Inc. NY raised its position in shares of Zai Lab by 6.4% during the third quarter. Bamco Inc. NY now owns 1,906,520 shares of the company’s stock worth $46,023,000 after purchasing an additional 113,869 shares during the period. Institutional investors and hedge funds 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.