Jericho Capital Asset Management L.P. cut its stake in Zai Lab Limited (NASDAQ:ZLAB) by 21.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 109,000 shares of the company’s stock after selling 29,000 shares during the quarter. Jericho Capital Asset Management L.P. owned 0.12% of Zai Lab worth $14,544,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in ZLAB. Harbor Investment Advisory LLC acquired a new position in shares of Zai Lab in the 1st quarter valued at approximately $30,000. Parallel Advisors LLC grew its position in shares of Zai Lab by 50.7% in the 1st quarter. Parallel Advisors LLC now owns 306 shares of the company’s stock valued at $41,000 after purchasing an additional 103 shares during the period. Exane Derivatives acquired a new position in shares of Zai Lab in the 1st quarter valued at approximately $44,000. CWM LLC acquired a new position in shares of Zai Lab in the 1st quarter valued at approximately $73,000. Finally, Quadrant Capital Group LLC grew its position in shares of Zai Lab by 17.3% in the 1st quarter. Quadrant Capital Group LLC now owns 591 shares of the company’s stock valued at $79,000 after purchasing an additional 87 shares during the period. 56.20% of the stock is owned by institutional investors.
ZLAB has been the subject of a number of recent research reports. Zacks Investment Research downgraded Zai Lab from a “hold” rating to a “sell” rating in a research report on Thursday, May 27th. SVB Leerink upped their price target on Zai Lab from $192.00 to $202.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 1st. Guggenheim increased their price objective on Zai Lab from $165.00 to $250.00 in a report on Tuesday, April 13th. Finally, The Goldman Sachs Group increased their price objective on Zai Lab from $205.73 to $211.23 and gave the company a “buy” rating in a report on Tuesday, April 13th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $199.85.
Zai Lab (NASDAQ:ZLAB) last released its earnings results on Monday, May 10th. The company reported ($2.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($1.78). The firm had revenue of $20.10 million during the quarter, compared to the consensus estimate of $19.00 million. Equities research analysts expect that Zai Lab Limited will post -5.78 earnings per share for the current fiscal year.
In other news, CFO William Ki Chul Cho sold 8,584 shares of the firm’s stock in a transaction dated Tuesday, June 1st. The stock was sold at an average price of $180.12, for a total transaction of $1,546,150.08. Following the completion of the transaction, the chief financial officer now directly owns 51,416 shares in the company, valued at $9,261,049.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ying Du sold 101,648 shares of the firm’s stock in a transaction dated Tuesday, June 1st. The stock was sold at an average price of $176.19, for a total value of $17,909,361.12. Following the transaction, the chief executive officer now owns 1,119,764 shares of the company’s stock, valued at $197,291,219.16. The disclosure for this sale can be found here. Insiders sold 311,254 shares of company stock worth $53,316,139 over the last ninety days. 7.80% of the stock is currently owned by insiders.
Zai Lab Profile
Zai Lab Limited, a biopharmaceutical company, discovers, licenses, develops, and commercializes therapeutics to treat oncology, autoimmune, and infectious diseases in China. The company offers ZEJULA for the treatment of breast cancer and non-small cell lung cancer (NSCLC); and Optune, a cancer therapy to treat glioblastoma multiforme.
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