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

Zai Lab Limited (NASDAQ:ZLAB)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $27.22, but opened at $26.33. Zai Lab shares last traded at $26.85, with a volume of 42,815 shares changing hands.

Analysts Set New Price Targets

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

Zai Lab Stock Performance

The company has a fifty day moving average of $28.45 and a two-hundred day moving average of $22.78. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of -9.61 and a beta of 0.99.

Hedge Funds Weigh In On Zai Lab

Several institutional investors and hedge funds have recently modified their holdings of the business. TD Asset Management Inc boosted its holdings in Zai Lab by 1.4% in the 2nd quarter. TD Asset Management Inc now owns 221,970 shares of the company’s stock valued at $3,847,000 after purchasing an additional 3,000 shares during the period. Dimensional Fund Advisors LP bought a new position in Zai Lab during the 2nd quarter worth $270,000. Renaissance Technologies LLC raised its holdings in Zai Lab by 91.9% in the 2nd quarter. Renaissance Technologies LLC now owns 28,214 shares of the company’s stock valued at $489,000 after acquiring an additional 13,514 shares in the last quarter. XTX Topco Ltd raised its holdings in Zai Lab by 19.2% in the 2nd quarter. XTX Topco Ltd now owns 29,283 shares of the company’s stock valued at $507,000 after acquiring an additional 4,710 shares in the last quarter. Finally, DCF Advisers LLC bought a new stake in shares of Zai Lab during the 2nd quarter valued at $528,000. 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.