Zai Lab (NASDAQ:ZLAB) Stock Price Down 6.1% – Here’s What Happened

Zai Lab Limited Unsponsored ADR (NASDAQ:ZLAB) shares were down 6.1% during trading on Friday . The stock traded as low as $17.40 and last traded at $17.3880. Approximately 243,226 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 806,034 shares. The stock had previously closed at $18.52.

Analyst Ratings Changes

ZLAB has been the topic of a number of analyst reports. Cantor Fitzgerald lowered their target price on shares of Zai Lab from $55.00 to $37.00 and set an “overweight” rating on the stock in a report on Friday, February 27th. JPMorgan Chase & Co. reduced their price target on Zai Lab from $39.00 to $32.00 and set an “overweight” rating for the company in a research report on Wednesday, March 18th. Citigroup decreased their target price on shares of Zai Lab from $47.00 to $44.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Weiss Ratings lowered Zai Lab from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 4th. Finally, Wall Street Zen lowered shares of Zai Lab from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, Zai Lab currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.83.

Zai Lab Stock Down 5.9%

The company has a fifty day moving average price of $19.50 and a 200 day moving average price of $18.96. The stock has a market cap of $1.98 billion, a PE ratio of -10.76 and a beta of 0.78.

Zai Lab (NASDAQ:ZLAB) last released its quarterly earnings data on Wednesday, April 1st. The company reported ($0.50) earnings per share for the quarter. Zai Lab had a negative net margin of 39.29% and a negative return on equity of 24.32%. The company had revenue of $99.61 million for the quarter. As a group, research analysts predict that Zai Lab Limited Unsponsored ADR will post -2.23 earnings per share for the current year.

Insider Buying and Selling at Zai Lab

In other Zai Lab news, insider Joshua L. Smiley sold 3,017 shares of the firm’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $20.45, for a total value of $61,697.65. Following the sale, the insider owned 117,602 shares of the company’s stock, valued at $2,404,960.90. This trade represents a 2.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ying Du sold 50,000 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $20.09, for a total transaction of $1,004,500.00. Following the completion of the transaction, the chief executive officer owned 1,122,626 shares in the company, valued at $22,553,556.34. The trade was a 4.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 96,601 shares of company stock worth $1,939,058 over the last ninety days. 4.88% of the stock is owned by company insiders.

Institutional Investors Weigh In On Zai Lab

A hedge fund recently raised its position in Zai Lab stock. SG Americas Securities LLC grew its holdings in shares of Zai Lab Limited Unsponsored ADR (NASDAQ:ZLAB) by 6.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 10,396 shares of the company’s stock after purchasing an additional 642 shares during the period. SG Americas Securities LLC’s holdings in Zai Lab were worth $183,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 41.65% of the company’s stock.

About Zai Lab

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.