JPMorgan Chase & Co. Lowers Zai Lab (NASDAQ:ZLAB) Price Target to $38.00

Zai Lab (NASDAQ:ZLAB) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $43.00 to $38.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 110.64% from the company’s current price.

Separately, Cantor Fitzgerald reiterated an “overweight” rating on shares of Zai Lab in a research note on Monday, July 1st. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Zai Lab currently has an average rating of “Buy” and a consensus price target of $58.97.

Zai Lab Stock Up 1.1 %

NASDAQ:ZLAB opened at $18.04 on Friday. Zai Lab has a twelve month low of $13.48 and a twelve month high of $32.60. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of -5.17 and a beta of 1.06. The stock’s 50 day moving average price is $18.66 and its two-hundred day moving average price is $19.38.

Zai Lab (NASDAQ:ZLAB) last issued its earnings results on Wednesday, May 8th. The company reported ($0.55) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.93) by $0.38. The business had revenue of $87.15 million for the quarter, compared to the consensus estimate of $77.07 million. Zai Lab had a negative net margin of 116.45% and a negative return on equity of 40.21%. During the same period in the previous year, the company earned ($0.51) earnings per share. As a group, analysts anticipate that Zai Lab will post -2.76 earnings per share for the current year.

Insider Transactions at Zai Lab

In other news, insider Frazor Titus Edmondson III sold 10,000 shares of Zai Lab stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $21.33, for a total value of $213,300.00. Following the transaction, the insider now owns 16,408 shares in the company, valued at approximately $349,982.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Frazor Titus Edmondson III sold 10,000 shares of Zai Lab stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $21.33, for a total transaction of $213,300.00. Following the sale, the insider now directly owns 16,408 shares of the company’s stock, valued at approximately $349,982.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ying Du sold 23,939 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $17.90, for a total transaction of $428,508.10. Following the completion of the transaction, the chief executive officer now directly owns 1,142,833 shares of the company’s stock, valued at approximately $20,456,710.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,934 shares of company stock valued at $1,116,043. Company insiders own 5.23% of the company’s stock.

Institutional Investors Weigh In On Zai Lab

Hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets increased its stake in shares of Zai Lab by 51.2% in the first quarter. BNP Paribas Financial Markets now owns 2,671 shares of the company’s stock valued at $43,000 after buying an additional 904 shares during the period. Headlands Technologies LLC bought a new stake in Zai Lab in the first quarter valued at approximately $64,000. Tower Research Capital LLC TRC increased its position in Zai Lab by 1,923.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,550 shares of the company’s stock valued at $70,000 after purchasing an additional 2,424 shares during the period. Sectoral Asset Management Inc. raised its holdings in Zai Lab by 33.3% during the 4th quarter. Sectoral Asset Management Inc. now owns 4,000 shares of the company’s stock worth $109,000 after purchasing an additional 1,000 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Zai Lab in the 4th quarter worth approximately $116,000. 41.65% of the stock is currently owned by institutional investors and hedge funds.

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.