Zai Lab (NASDAQ:ZLAB) Shares Down 4.9% – Here’s Why

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

Wall Street Analysts Forecast Growth

ZLAB has been the subject of several recent analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Zai Lab from $38.00 to $44.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Cantor Fitzgerald reissued an “overweight” rating on shares of Zai Lab in a research note on Friday, October 25th.

Zai Lab Stock Performance

The stock has a market cap of $2.51 billion, a price-to-earnings ratio of -9.30 and a beta of 1.04. The company’s 50 day simple moving average is $26.06 and its two-hundred day simple moving average is $21.13.

Institutional Trading of Zai Lab

Hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC raised its position 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 acquiring an additional 2,232,507 shares in the last quarter. Wellington Management Group LLP grew its position in Zai Lab by 18.4% during the third quarter. Wellington Management Group LLP now owns 8,436,606 shares of the company’s stock worth $203,660,000 after buying an additional 1,312,115 shares in the last quarter. Capital World Investors increased its position in shares of Zai Lab by 8.9% during the first quarter. Capital World Investors now owns 5,684,180 shares of the company’s stock valued at $91,061,000 after purchasing an additional 465,337 shares during the period. Bamco Inc. NY increased its holdings in Zai Lab by 6.4% in the 3rd quarter. Bamco Inc. NY now owns 1,906,520 shares of the company’s stock valued at $46,023,000 after buying an additional 113,869 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Zai Lab by 26.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 604,153 shares of the company’s stock valued at $14,584,000 after acquiring an additional 125,532 shares during the period. 41.65% of the stock is currently owned by hedge funds and other institutional investors.

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.