Zai Lab (NASDAQ:ZLAB) Shares Up 10% – Here’s What Happened

Zai Lab Limited (NASDAQ:ZLAB) was up 10% on Wednesday . The company traded as high as $32.03 and last traded at $31.85. Approximately 115,439 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 666,083 shares. The stock had previously closed at $28.96.

Analyst Ratings Changes

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

Zai Lab Stock Performance

The business has a 50 day moving average of $25.57 and a two-hundred day moving average of $20.88. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of -11.19 and a beta of 1.04.

Insider Buying and Selling

In other news, insider Joshua L. Smiley sold 4,352 shares of Zai Lab stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $16.67, for a total value of $72,547.84. Following the completion of the transaction, the insider now owns 43,232 shares in the company, valued at $720,677.44. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 13.88% of the stock is owned by corporate insiders.

Institutional Trading of Zai Lab

A number of hedge funds and other institutional investors have recently bought and sold shares of ZLAB. BNP Paribas Financial Markets raised its holdings in shares of Zai Lab by 51.2% in the 1st quarter. BNP Paribas Financial Markets now owns 2,671 shares of the company’s stock valued at $43,000 after acquiring an additional 904 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Zai Lab in the 1st quarter worth $64,000. China Universal Asset Management Co. Ltd. lifted its stake in Zai Lab by 58.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 9,559 shares of the company’s stock worth $231,000 after purchasing an additional 3,514 shares during the last quarter. Daiwa Securities Group Inc. grew its position in Zai Lab by 4,851.8% during the third quarter. Daiwa Securities Group Inc. now owns 9,557 shares of the company’s stock valued at $231,000 after acquiring an additional 9,364 shares during the last quarter. Finally, Swedbank AB bought a new stake in shares of Zai Lab in the 1st quarter worth approximately $244,000. Institutional investors own 41.65% of the company’s stock.

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.