Zai Lab (NASDAQ:ZLAB) Shares Gap Down on Insider Selling

Zai Lab Limited (NASDAQ:ZLAB)’s share price gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $26.19, but opened at $25.40. Zai Lab shares last traded at $25.22, with a volume of 176,857 shares changing hands.

Specifically, insider Rafael Amado sold 7,583 shares of the stock in a transaction 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 sale, the insider now owns 33,834 shares in the company, valued at approximately $889,157.52. This trade represents a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ZLAB. JPMorgan Chase & Co. raised their price target on Zai Lab from $38.00 to $44.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Zai Lab in a research note on Friday, October 25th.

Zai Lab Price Performance

The stock has a 50 day moving average of $27.98 and a 200 day moving average of $23.05. The firm has a market cap of $2.77 billion, a P/E ratio of -9.13 and a beta of 1.00.

Hedge Funds Weigh In On Zai Lab

Several institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC boosted its stake in shares of Zai Lab by 34.2% in the 3rd quarter. Janus Henderson Group PLC now owns 8,760,074 shares of the company’s stock valued at $211,488,000 after purchasing an additional 2,232,507 shares in the last quarter. Wellington Management Group LLP lifted its stake in Zai Lab by 18.4% in the third quarter. Wellington Management Group LLP now owns 8,436,606 shares of the company’s stock worth $203,660,000 after purchasing an additional 1,312,115 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Zai Lab by 26.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 604,153 shares of the company’s stock valued at $14,584,000 after buying an additional 125,532 shares during the period. Bamco Inc. NY grew its stake in shares of Zai Lab by 6.4% during the third quarter. Bamco Inc. NY now owns 1,906,520 shares of the company’s stock valued at $46,023,000 after buying an additional 113,869 shares during the last quarter. Finally, Algert Global LLC purchased a new position in shares of Zai Lab in the third quarter worth about $1,666,000. 41.65% of the stock is currently owned by institutional investors.

Zai Lab Company Profile

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.