JPMorgan Chase & Co. Has Lowered Expectations for Zai Lab (NASDAQ:ZLAB) Stock Price

Zai Lab (NASDAQ:ZLAB) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $46.00 to $39.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 129.68% from the company’s previous close.

Several other brokerages have also recently issued reports on ZLAB. Zacks Research cut Zai Lab from a “hold” rating to a “strong sell” rating in a research report on Friday, January 23rd. Jefferies Financial Group upgraded shares of Zai Lab to a “strong-buy” rating in a research report on Monday, January 19th. UBS Group assumed coverage on shares of Zai Lab in a research note on Wednesday, January 7th. They set a “buy” rating and a $35.00 price target on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Zai Lab in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.59.

Zai Lab Price Performance

Zai Lab stock traded down $0.02 during midday trading on Thursday, reaching $16.98. 822,471 shares of the company traded hands, compared to its average volume of 860,216. Zai Lab has a 12 month low of $15.96 and a 12 month high of $44.34. The business has a 50 day moving average of $18.22 and a two-hundred day moving average of $26.36. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of -8.71 and a beta of 0.88.

Zai Lab (NASDAQ:ZLAB) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.05). Zai Lab had a negative net margin of 46.83% and a negative return on equity of 25.83%. The firm had revenue of $116.10 million for the quarter, compared to the consensus estimate of $150.24 million. As a group, equities analysts forecast that Zai Lab will post -2.58 EPS for the current year.

Insiders Place Their Bets

In related news, insider Rafael Amado sold 10,787 shares of the company’s stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $17.43, for a total transaction of $188,017.41. Following the sale, the insider owned 52,391 shares of the company’s stock, valued at $913,175.13. This represents a 17.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.96% of the company’s stock.

Institutional Investors Weigh In On Zai Lab

A hedge fund recently raised its stake in Zai Lab stock. Royal Bank of Canada boosted its holdings in shares of Zai Lab Limited Unsponsored ADR (NASDAQ:ZLAB) by 214.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,771 shares of the company’s stock after acquiring an additional 9,390 shares during the quarter. Royal Bank of Canada’s holdings in Zai Lab were worth $498,000 as of its most recent SEC filing. Institutional investors own 41.65% of the company’s stock.

Zai Lab Company Profile

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.