Zai Lab (NASDAQ:ZLAB) Shares Gap Up to $23.14

Shares of Zai Lab Limited (NASDAQ:ZLABGet Rating) gapped up before the market opened on Friday . The stock had previously closed at $23.14, but opened at $24.21. Zai Lab shares last traded at $24.92, with a volume of 1,221 shares.

Several research analysts have weighed in on the company. Citigroup reduced their target price on Zai Lab from $198.00 to $193.00 in a report on Thursday, May 12th. JPMorgan Chase & Co. reduced their target price on Zai Lab from $136.00 to $112.00 and set an “overweight” rating on the stock in a report on Monday, April 4th. Finally, SVB Leerink reduced their target price on Zai Lab from $102.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, April 21st. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Zai Lab currently has an average rating of “Buy” and a consensus price target of $117.50.

The company has a market capitalization of $2.46 billion, a P/E ratio of -4.26 and a beta of 1.22. The business has a fifty day moving average price of $35.05 and a 200 day moving average price of $46.94.

Several large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its position in shares of Zai Lab by 5.4% in the first quarter. Bank of America Corp DE now owns 132,963 shares of the company’s stock valued at $5,848,000 after acquiring an additional 6,830 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Zai Lab by 26.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 168,200 shares of the company’s stock valued at $7,397,000 after acquiring an additional 35,341 shares during the last quarter. International Biotechnology Trust PLC increased its position in shares of Zai Lab by 102.7% in the first quarter. International Biotechnology Trust PLC now owns 78,958 shares of the company’s stock valued at $16,958,000 after acquiring an additional 40,000 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Zai Lab by 248.5% in the first quarter. The Manufacturers Life Insurance Company now owns 45,309 shares of the company’s stock valued at $2,041,000 after acquiring an additional 32,309 shares during the last quarter. Finally, Capital International Sarl acquired a new stake in shares of Zai Lab in the first quarter valued at about $6,699,000. 72.65% of the stock is currently owned by institutional investors and hedge funds.

About Zai Lab (NASDAQ:ZLAB)

Zai Lab Limited develops and commercializes therapies to treat oncology, autoimmune disorders, infectious diseases, and neuroscience primarily in Mainland China and Hong Kong. The company's commercial products include Zejula, a once-daily small-molecule poly polymerase 1/2 inhibitor; Optune, a device that delivers tumor treating fields; NUZYRA for acute bacterial skin and skin structure infections, and community acquired bacterial pneumonia; and Qinlock to treat gastrointestinal stromal tumors.

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