Zai Lab (NASDAQ:ZLAB) Shares Gap Up – Still a Buy?

Shares of Zai Lab Limited (NASDAQ:ZLAB) gapped up before the market opened on Tuesday . The stock had previously closed at $25.41, but opened at $27.28. Zai Lab shares last traded at $26.33, with a volume of 378,720 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Zai Lab from $38.00 to $44.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Cantor Fitzgerald reiterated an “overweight” rating on shares of Zai Lab in a research note on Friday, October 25th.

Zai Lab Price Performance

The business has a fifty day simple moving average of $27.84 and a 200 day simple moving average of $23.16. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of -9.29 and a beta of 1.00.

Insider Buying and Selling at Zai Lab

In other news, insider Rafael Amado sold 7,583 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $26.28, for a total value of $199,281.24. Following the completion of the sale, the insider now directly owns 33,834 shares in the company, valued at $889,157.52. This represents a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 13.88% of the company’s stock.

Institutional Investors Weigh In On Zai Lab

A number of large investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its position in shares of Zai Lab by 26.4% in the third quarter. Geode Capital Management LLC now owns 43,626 shares of the company’s stock valued at $1,053,000 after purchasing an additional 9,107 shares in the last quarter. M&T Bank Corp boosted its position in shares of Zai Lab by 9.6% during the third quarter. M&T Bank Corp now owns 25,188 shares of the company’s stock worth $608,000 after buying an additional 2,209 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Zai Lab in the third quarter valued at $369,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Zai Lab in the third quarter valued at $225,000. Finally, XTX Topco Ltd raised its stake in shares of Zai Lab by 8.0% in the third quarter. XTX Topco Ltd now owns 31,618 shares of the company’s stock valued at $763,000 after acquiring an additional 2,335 shares in the last quarter. 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.