Zai Lab (NASDAQ:ZLAB) Stock Price Down 6.1% – Here’s What Happened

Zai Lab Limited Unsponsored ADR (NASDAQ:ZLAB)’s stock price was down 6.1% during mid-day trading on Friday . The company traded as low as $17.40 and last traded at $17.3880. Approximately 243,226 shares traded hands during trading, a decline of 70% from the average daily volume of 806,034 shares. The stock had previously closed at $18.52.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ZLAB. JPMorgan Chase & Co. cut their target price on Zai Lab from $39.00 to $32.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 18th. Weiss Ratings lowered Zai Lab from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, June 4th. Wall Street Zen cut shares of Zai Lab from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Citigroup cut their price objective on shares of Zai Lab from $47.00 to $44.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Finally, Cantor Fitzgerald cut their price target on shares of Zai Lab from $55.00 to $37.00 and set an “overweight” rating on the stock in a report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $45.83.

Zai Lab Price Performance

The stock’s 50-day moving average is $19.50 and its two-hundred day moving average is $18.96. The company has a market cap of $1.98 billion, a P/E ratio of -10.76 and a beta of 0.78.

Zai Lab (NASDAQ:ZLAB) last issued its quarterly earnings data on Wednesday, April 1st. The company reported ($0.50) EPS for the quarter. The firm had revenue of $99.61 million during the quarter. Zai Lab had a negative return on equity of 24.32% and a negative net margin of 39.29%. On average, analysts predict that Zai Lab Limited Unsponsored ADR will post -2.23 EPS for the current year.

Insider Buying and Selling at Zai Lab

In other news, CFO Yajing Chen sold 5,199 shares of the stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $20.39, for a total value of $106,007.61. Following the transaction, the chief financial officer owned 32,558 shares in the company, valued at $663,857.62. This represents a 13.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Rafael Amado sold 2,739 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $20.45, for a total transaction of $56,012.55. Following the sale, the insider owned 57,022 shares of the company’s stock, valued at $1,166,099.90. This trade represents a 4.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 96,601 shares of company stock worth $1,939,058. 4.88% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Zai Lab

An institutional investor recently raised its stake in Zai Lab stock. SG Americas Securities LLC grew its position in Zai Lab Limited Unsponsored ADR (NASDAQ:ZLAB) by 6.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,396 shares of the company’s stock after purchasing an additional 642 shares during the quarter. SG Americas Securities LLC’s holdings in Zai Lab were worth $183,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 41.65% of the company’s stock.

About Zai Lab

Zai Lab Ltd (NASDAQ: ZLAB) is a biopharmaceutical company focused on the research, development, manufacturing and commercialization of innovative therapies. Headquartered in Shanghai, China, Zai Lab operates R&D centers in Asia and the United States and maintains commercial offices across Greater China, North America, Europe and Australia. The company’s end-to-end platform encompasses discovery biology, translational development, clinical research and global supply chain management.

The company’s marketed portfolio is anchored by Brukinsa (zanubrutinib), a next-generation Bruton’s tyrosine kinase inhibitor approved for several B-cell malignancies.