Zai Lab Limited (NASDAQ:ZLAB) Sees Significant Drop in Short Interest

Zai Lab Limited (NASDAQ:ZLAB) saw a large decrease in short interest during the month of October. As of October 30th, there was short interest totalling 2,710,000 shares, a decrease of 14.2% from the October 15th total of 3,160,000 shares. Based on an average daily volume of 367,500 shares, the days-to-cover ratio is currently 7.4 days.

A number of brokerages have recently issued reports on ZLAB. JPMorgan Chase & Co. raised their price target on shares of Zai Lab from $101.00 to $111.00 in a report on Monday, November 16th. Zacks Investment Research raised shares of Zai Lab from a “sell” rating to a “hold” rating in a report on Wednesday, September 9th. Guggenheim raised their price target on shares of Zai Lab from $105.00 to $111.00 and gave the company a “buy” rating in a report on Friday, August 14th. SVB Leerink raised their price target on shares of Zai Lab from $93.00 to $95.00 and gave the company an “outperform” rating in a report on Thursday, September 10th. Finally, BidaskClub raised shares of Zai Lab from a “hold” rating to a “buy” rating in a report on Friday, October 9th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $96.80.

Large investors have recently modified their holdings of the company. APG Asset Management N.V. lifted its stake in shares of Zai Lab by 69.4% in the 2nd quarter. APG Asset Management N.V. now owns 14,400 shares of the company’s stock worth $1,053,000 after purchasing an additional 5,900 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in shares of Zai Lab by 381.8% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 17,432 shares of the company’s stock worth $1,421,000 after purchasing an additional 13,814 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Zai Lab by 36.7% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 23,100 shares of the company’s stock worth $1,897,000 after purchasing an additional 6,200 shares during the period. Point72 Asset Management L.P. bought a new stake in Zai Lab during the 2nd quarter worth approximately $90,000. Finally, M&T Bank Corp bought a new stake in Zai Lab during the 2nd quarter worth approximately $258,000. Hedge funds and other institutional investors own 81.32% of the company’s stock.

Shares of NASDAQ:ZLAB opened at $104.31 on Friday. The firm’s 50 day moving average price is $90.20 and its 200-day moving average price is $79.88. Zai Lab has a twelve month low of $37.55 and a twelve month high of $105.38. The stock has a market capitalization of $6.06 billion, a PE ratio of -34.43 and a beta of 0.95.

About Zai Lab

Zai Lab Limited, a biopharmaceutical company, engages in discovering or licensing, developing, and commercializing proprietary therapeutics that address medical needs in the fields of oncology, autoimmune, and infectious diseases in China. The company offers Niraparib, an oral small molecule poly ADP ribose polymerase 1/2 inhibitor for the treatment of multiple solid tumors, including ovarian and other types of lung cancer; and Optune, a cancer therapy for the treatment of glioblastoma multiforme.

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