Zai Lab (NASDAQ:ZLAB) Shares Gap Up – Time to Buy?

Zai Lab Limited (NASDAQ:ZLAB) shares gapped up before the market opened on Tuesday . The stock had previously closed at $29.00, but opened at $30.73. Zai Lab shares last traded at $32.72, with a volume of 275,757 shares.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Cantor Fitzgerald upgraded shares of Zai Lab to a “strong-buy” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. boosted their target price on Zai Lab from $38.00 to $44.00 and gave the company an “overweight” rating in a research report on Monday, October 21st.

Zai Lab Stock Performance

The company’s fifty day moving average price is $26.52 and its 200-day moving average price is $24.94. The stock has a market cap of $3.38 billion, a P/E ratio of -11.17 and a beta of 1.02.

Insider Buying and Selling

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 transaction of $199,281.24. Following the transaction, the insider now owns 33,834 shares of the company’s stock, valued at approximately $889,157.52. This represents a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 13.88% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Zai Lab

Institutional investors and hedge funds have recently modified their holdings of the business. Pictet Asset Management Holding SA purchased a new stake in Zai Lab in the fourth quarter worth $31,000. Barclays PLC grew its holdings in shares of Zai Lab by 337.6% in the fourth quarter. Barclays PLC now owns 3,702 shares of the company’s stock worth $97,000 after purchasing an additional 2,856 shares during the last quarter. US Bancorp DE increased its stake in Zai Lab by 1,671.9% in the 4th quarter. US Bancorp DE now owns 5,865 shares of the company’s stock worth $154,000 after buying an additional 5,534 shares during the period. Jasper Ridge Partners L.P. bought a new stake in Zai Lab during the 4th quarter valued at about $210,000. Finally, Y Intercept Hong Kong Ltd bought a new position in Zai Lab in the 3rd quarter worth about $225,000. 41.65% of the stock is owned by 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.