Zai Lab (NASDAQ:ZLAB) Shares Gap Down – Should You Sell?

Shares of Zai Lab Limited (NASDAQ:ZLAB) gapped down before the market opened on Thursday . The stock had previously closed at $29.95, but opened at $27.59. Zai Lab shares last traded at $27.79, with a volume of 112,452 shares traded.

Analysts Set New Price Targets

ZLAB has been the topic of several recent analyst reports. Cantor Fitzgerald restated an “overweight” rating on shares of Zai Lab in a report on Friday, October 25th. JPMorgan Chase & Co. upped their price target on Zai Lab from $38.00 to $44.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st.

Zai Lab Stock Performance

The stock’s 50 day moving average is $26.06 and its two-hundred day moving average is $21.06.

Hedge Funds Weigh In On Zai Lab

Institutional investors and hedge funds have recently modified their holdings of the company. Janus Henderson Group PLC boosted its position in shares of Zai Lab by 34.2% during the 3rd quarter. Janus Henderson Group PLC now owns 8,760,074 shares of the company’s stock worth $211,488,000 after acquiring an additional 2,232,507 shares in the last quarter. Wellington Management Group LLP increased its stake in Zai Lab by 18.4% in the third quarter. Wellington Management Group LLP now owns 8,436,606 shares of the company’s stock valued at $203,660,000 after purchasing an additional 1,312,115 shares during the last quarter. Capital World Investors raised its holdings in Zai Lab by 8.9% during the first quarter. Capital World Investors now owns 5,684,180 shares of the company’s stock worth $91,061,000 after purchasing an additional 465,337 shares in the last quarter. M&G Plc purchased a new stake in shares of Zai Lab during the 1st quarter worth approximately $7,266,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Zai Lab by 26.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 604,153 shares of the company’s stock valued at $14,584,000 after buying an additional 125,532 shares during the last quarter. Institutional investors and hedge funds own 41.65% of the company’s stock.

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.