Zai Lab (NASDAQ:ZLAB) Price Target Cut to $70.00

Zai Lab (NASDAQ:ZLAB – Get Rating) had its target price lowered by equities researchers at JPMorgan Chase & Co. from $79.00 to $70.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 106.79% from the company’s current price.

Zai Lab Stock Down 1.2 %

NASDAQ ZLAB opened at $33.85 on Thursday. Zai Lab has a twelve month low of $20.98 and a twelve month high of $53.95. The firm has a market capitalization of $3.31 billion, a PE ratio of -7.31 and a beta of 1.20. The stock’s 50 day moving average is $39.59 and its 200 day moving average is $36.66.

Insider Activity at Zai Lab

In related news, Director William Lis sold 5,434 shares of Zai Lab stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $38.31, for a total transaction of $208,176.54. Following the sale, the director now directly owns 23,330 shares in the company, valued at $893,772.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Zai Lab news, Director William Lis sold 5,434 shares of the business’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $38.31, for a total value of $208,176.54. Following the sale, the director now directly owns 23,330 shares of the company’s stock, valued at $893,772.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Frazor Titus Edmondson III sold 7,965 shares of the business’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $40.55, for a total value of $322,980.75. Following the completion of the sale, the insider now directly owns 19,400 shares in the company, valued at $786,670. The disclosure for this sale can be found here. Insiders have sold 24,879 shares of company stock worth $990,357 over the last ninety days. 6.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Zai Lab

Several hedge funds have recently added to or reduced their stakes in ZLAB. EverSource Wealth Advisors LLC purchased a new position in shares of Zai Lab in the third quarter worth $28,000. 1832 Asset Management L.P. purchased a new position in shares of Zai Lab in the fourth quarter worth $28,000. Activest Wealth Management purchased a new position in shares of Zai Lab in the third quarter worth $46,000. Baader Bank Aktiengesellschaft purchased a new position in shares of Zai Lab in the fourth quarter worth $190,000. Finally, ProShare Advisors LLC purchased a new position in shares of Zai Lab in the third quarter worth $200,000. 59.46% of the stock is owned by institutional investors.

Zai Lab Company Profile

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Zai Lab Ltd. is a biopharmaceutical company, which engages in the developing and commercializing therapies that address medical conditions with unmet needs in oncology, autoimmune disorders, infectious diseases, and neuroscience. Its products include Zejula, Optune, Qinlock, and Nuzyra. The company was founded by Samantha Ying Du and Marietta Wu in April 2014 and is headquartered in Shanghai, China.