Zai Lab (NASDAQ:ZLAB) Given New $51.00 Price Target at JPMorgan Chase & Co.

Zai Lab (NASDAQ:ZLAB) had its target price raised by JPMorgan Chase & Co. from $44.00 to $51.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other brokerages have also issued reports on ZLAB. Scotiabank began coverage on Zai Lab in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $55.00 target price for the company. Cantor Fitzgerald upgraded Zai Lab to a “strong-buy” rating in a research note on Tuesday, March 4th. Finally, Bank of America restated a “neutral” rating and issued a $36.10 target price (up previously from $29.00) on shares of Zai Lab in a research note on Monday, March 3rd.

Zai Lab Trading Up 5.7 %

Shares of ZLAB opened at $38.20 on Thursday. Zai Lab has a 12 month low of $13.48 and a 12 month high of $39.61. The stock has a fifty day moving average price of $29.47 and a 200-day moving average price of $27.13. The firm has a market cap of $4.19 billion, a PE ratio of -13.79 and a beta of 1.08.

Zai Lab (NASDAQ:ZLAB) last issued its earnings results on Thursday, February 27th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.19). The firm had revenue of $109.07 million during the quarter, compared to analysts’ expectations of $110.15 million. Zai Lab had a negative return on equity of 36.97% and a negative net margin of 76.14%. As a group, research analysts forecast that Zai Lab will post -2.58 EPS for the current year.

Insider Buying and Selling at Zai Lab

In other news, insider Frazor Titus Edmondson III sold 14,544 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $32.98, for a total transaction of $479,661.12. Following the sale, the insider now directly owns 14,328 shares in the company, valued at $472,537.44. This trade represents a 50.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ying Du sold 50,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $34.47, for a total value of $1,723,500.00. Following the sale, the chief executive officer now owns 494,117 shares in the company, valued at $17,032,212.99. This trade represents a 9.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 122,127 shares of company stock worth $4,024,442. Insiders own 13.88% of the company’s stock.

Institutional Investors Weigh In On Zai Lab

A number of institutional investors have recently modified their holdings of ZLAB. GF Fund Management CO. LTD. acquired a new stake in shares of Zai Lab during the 4th quarter valued at about $29,000. Pictet Asset Management Holding SA acquired a new stake in shares of Zai Lab during the 4th quarter valued at about $31,000. Barclays PLC boosted its holdings in Zai Lab by 337.6% in the 4th quarter. Barclays PLC now owns 3,702 shares of the company’s stock worth $97,000 after buying an additional 2,856 shares during the last quarter. US Bancorp DE boosted its holdings 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 last quarter. Finally, Jasper Ridge Partners L.P. acquired a new stake in Zai Lab in the 4th quarter worth about $210,000. 41.65% of the stock is currently owned by institutional investors and hedge funds.

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.