JPMorgan Chase & Co. Cuts Zai Lab (NASDAQ:ZLAB) Price Target to $32.00

Zai Lab (NASDAQ:ZLAB) had its price objective lowered by analysts at JPMorgan Chase & Co. from $39.00 to $32.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 69.09% from the company’s previous close.

ZLAB has been the subject of a number of other research reports. Cantor Fitzgerald decreased their target price on Zai Lab from $55.00 to $37.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Zacks Research lowered shares of Zai Lab from a “hold” rating to a “strong sell” rating in a research report on Friday, January 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Zai Lab in a research note on Wednesday, January 21st. Jefferies Financial Group raised shares of Zai Lab to a “strong-buy” rating in a report on Monday, January 19th. Finally, UBS Group started coverage on shares of Zai Lab in a report on Wednesday, January 7th. They issued a “buy” rating and a $35.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.00.

Zai Lab Trading Down 0.5%

Zai Lab stock traded down $0.10 during mid-day trading on Wednesday, hitting $18.93. 198,710 shares of the company’s stock were exchanged, compared to its average volume of 710,860. Zai Lab has a 1-year low of $15.96 and a 1-year high of $44.34. The stock has a 50 day moving average of $18.69 and a two-hundred day moving average of $22.87. The stock has a market cap of $2.13 billion, a P/E ratio of -11.75 and a beta of 0.85.

Zai Lab (NASDAQ:ZLAB) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.02). The company had revenue of $127.60 million during the quarter, compared to analyst estimates of $122.67 million. Zai Lab had a negative return on equity of 22.81% and a negative net margin of 38.15%. As a group, research analysts predict that Zai Lab will post -2.58 EPS for the current fiscal year.

Insider Buying and Selling at Zai Lab

In other news, insider Joshua L. Smiley sold 1,966 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $18.63, for a total transaction of $36,626.58. Following the sale, the insider directly owned 91,026 shares in the company, valued at approximately $1,695,814.38. The trade was a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Yajing Chen sold 1,703 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $18.63, for a total value of $31,726.89. Following the completion of the transaction, the chief financial officer directly owned 19,999 shares of the company’s stock, valued at approximately $372,581.37. This trade represents a 7.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 17,413 shares of company stock valued at $311,460 in the last quarter. Corporate insiders own 4.96% of the company’s stock.

Institutional Investors Weigh In On Zai Lab

A hedge fund recently raised its stake in Zai Lab stock. Royal Bank of Canada grew its holdings in Zai Lab Limited Unsponsored ADR (NASDAQ:ZLAB) by 214.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,771 shares of the company’s stock after buying an additional 9,390 shares during the quarter. Royal Bank of Canada’s holdings in Zai Lab were worth $498,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 41.65% of the company’s stock.

Zai Lab Company Profile

Zai Lab Ltd (NASDAQ: ZLAB) is a biopharmaceutical company focused on the research, development, manufacturing and commercialization of innovative therapies. Headquartered in Shanghai, China, Zai Lab operates R&D centers in Asia and the United States and maintains commercial offices across Greater China, North America, Europe and Australia. The company’s end-to-end platform encompasses discovery biology, translational development, clinical research and global supply chain management.

The company’s marketed portfolio is anchored by Brukinsa (zanubrutinib), a next-generation Bruton’s tyrosine kinase inhibitor approved for several B-cell malignancies.