FY2024 EPS Estimates for Zai Lab Limited Lifted by Analyst (NASDAQ:ZLAB)

Zai Lab Limited (NASDAQ:ZLAB) – Stock analysts at Cantor Fitzgerald boosted their FY2024 earnings estimates for shares of Zai Lab in a research note issued on Tuesday, April 23rd. Cantor Fitzgerald analyst L. Chen now anticipates that the company will earn ($3.50) per share for the year, up from their prior forecast of ($3.53). Cantor Fitzgerald has a “Overweight” rating on the stock. The consensus estimate for Zai Lab’s current full-year earnings is ($3.28) per share.

Separately, Citigroup cut their price target on shares of Zai Lab from $123.00 to $66.00 and set a “buy” rating on the stock in a report on Thursday, February 29th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $64.22.

Zai Lab Stock Up 0.5 %

Shares of ZLAB opened at $15.74 on Thursday. The company has a 50 day moving average of $17.54 and a two-hundred day moving average of $22.64. Zai Lab has a twelve month low of $13.48 and a twelve month high of $39.50. The company has a market cap of $1.56 billion, a price-to-earnings ratio of -4.56 and a beta of 1.10.

Zai Lab (NASDAQ:ZLAB) last issued its earnings results on Tuesday, February 27th. The company reported ($0.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.87) by ($0.11). The company had revenue of $65.83 million for the quarter, compared to analysts’ expectations of $70.41 million. Zai Lab had a negative return on equity of 37.07% and a negative net margin of 125.46%.

Hedge Funds Weigh In On Zai Lab

Hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its holdings in Zai Lab by 177.6% during the 4th quarter. Wellington Management Group LLP now owns 5,336,457 shares of the company’s stock worth $145,845,000 after buying an additional 3,413,829 shares in the last quarter. Bamco Inc. NY grew its position in Zai Lab by 4.5% during the 3rd quarter. Bamco Inc. NY now owns 1,579,349 shares of the company’s stock worth $38,394,000 after purchasing an additional 67,288 shares during the last quarter. Rock Springs Capital Management LP boosted its holdings in shares of Zai Lab by 1.2% in the third quarter. Rock Springs Capital Management LP now owns 1,237,023 shares of the company’s stock valued at $30,072,000 after acquiring an additional 14,600 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in shares of Zai Lab by 1.4% in the third quarter. Clearbridge Investments LLC now owns 822,888 shares of the company’s stock valued at $20,004,000 after acquiring an additional 11,574 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in shares of Zai Lab by 26.1% in the fourth quarter. Allianz Asset Management GmbH now owns 679,524 shares of the company’s stock valued at $18,571,000 after purchasing an additional 140,461 shares during the period. Hedge funds and other institutional investors own 41.65% of the company’s stock.

Insider Activity

In other Zai Lab news, insider Joshua L. Smiley sold 1,988 shares of the company’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $15.67, for a total value of $31,151.96. Following the sale, the insider now directly owns 28,684 shares of the company’s stock, valued at $449,478.28. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Joshua L. Smiley sold 1,988 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $15.67, for a total transaction of $31,151.96. Following the completion of the transaction, the insider now owns 28,684 shares in the company, valued at approximately $449,478.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Ying Du sold 5,787 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $16.15, for a total transaction of $93,460.05. Following the transaction, the chief executive officer now owns 1,107,972 shares of the company’s stock, valued at approximately $17,893,747.80. The disclosure for this sale can be found here. Insiders have sold 12,568 shares of company stock valued at $208,508 over the last ninety days. 5.23% of the stock is currently owned by insiders.

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.