Zai Lab (NASDAQ:ZLAB) Shares Gap Up – Time to Buy?

Shares of Zai Lab Limited (NASDAQ:ZLAB) gapped up before the market opened on Tuesday . The stock had previously closed at $29.00, but opened at $30.73. Zai Lab shares last traded at $32.72, with a volume of 275,757 shares traded.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald upgraded Zai Lab to a “strong-buy” rating in a research report on Wednesday, February 5th.

Zai Lab Trading Up 0.1 %

The stock has a market cap of $3.39 billion, a P/E ratio of -11.19 and a beta of 1.02. The firm has a 50-day simple moving average of $26.66 and a two-hundred day simple moving average of $25.07.

Insiders Place Their Bets

In related news, insider Rafael Amado sold 7,583 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 33,834 shares in the company, valued at approximately $889,157.52. This trade represents a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 13.88% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. GF Fund Management CO. LTD. bought a new position in shares of Zai Lab in the fourth quarter worth $29,000. Public Employees Retirement System of Ohio increased its position in shares of Zai Lab by 20.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 18,480 shares of the company’s stock worth $484,000 after purchasing an additional 3,179 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Zai Lab by 2.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,114 shares of the company’s stock worth $1,496,000 after purchasing an additional 1,200 shares during the period. Woodline Partners LP increased its position in shares of Zai Lab by 9.4% in the fourth quarter. Woodline Partners LP now owns 1,759,797 shares of the company’s stock worth $46,089,000 after purchasing an additional 151,835 shares during the period. Finally, Vestal Point Capital LP bought a new position in shares of Zai Lab in the fourth quarter worth $7,857,000. 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.