Rock Springs Capital Management LP Decreases Stock Position in Zai Lab Limited (NASDAQ:ZLAB)

Rock Springs Capital Management LP reduced its position in shares of Zai Lab Limited (NASDAQ:ZLAB) by 0.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,305,337 shares of the company’s stock after selling 10,336 shares during the quarter. Zai Lab comprises approximately 1.3% of Rock Springs Capital Management LP’s holdings, making the stock its 27th largest holding. Rock Springs Capital Management LP owned 1.19% of Zai Lab worth $34,187,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. purchased a new stake in shares of Zai Lab in the fourth quarter valued at $46,172,000. Raymond James Financial Inc. purchased a new position in Zai Lab during the 4th quarter worth $1,032,000. Alberta Investment Management Corp grew its position in shares of Zai Lab by 42.9% during the 4th quarter. Alberta Investment Management Corp now owns 232,293 shares of the company’s stock worth $6,084,000 after buying an additional 69,740 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Zai Lab by 26.4% during the third quarter. Geode Capital Management LLC now owns 43,626 shares of the company’s stock valued at $1,053,000 after buying an additional 9,107 shares during the period. Finally, Hennion & Walsh Asset Management Inc. increased its position in Zai Lab by 28.9% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 183,317 shares of the company’s stock valued at $4,801,000 after purchasing an additional 41,128 shares during the period. 41.65% of the stock is currently owned by hedge funds and other institutional investors.

Zai Lab Stock Down 0.3 %

Zai Lab stock opened at $28.84 on Monday. The business’s 50-day moving average price is $32.97 and its 200 day moving average price is $29.30. Zai Lab Limited has a 52 week low of $14.48 and a 52 week high of $39.77. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of -10.41 and a beta of 1.09.

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

Analysts Set New Price Targets

ZLAB has been the topic of several recent research reports. Scotiabank initiated coverage on Zai Lab in a research report on Friday, March 7th. They set a “sector outperform” rating and a $55.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Zai Lab in a research note on Thursday, March 27th. JPMorgan Chase & Co. increased their price objective on shares of Zai Lab from $44.00 to $51.00 and gave the company an “overweight” rating in a research report on Thursday, March 13th. Finally, Bank of America reiterated a “neutral” rating and set a $36.10 price target (up previously from $29.00) on shares of Zai Lab in a research note on Monday, March 3rd.

Insider Buying and Selling

In other news, CEO Ying Du sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $32.44, for a total transaction of $1,622,000.00. Following the transaction, the chief executive officer now directly owns 494,117 shares in the company, valued at $16,029,155.48. The trade was a 9.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Frazor Titus Edmondson III sold 14,544 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $32.98, for a total value of $479,661.12. Following the completion of the sale, the insider now directly owns 14,328 shares of the company’s stock, valued at approximately $472,537.44. This represents a 50.37 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 138,744 shares of company stock valued at $4,685,294. 13.88% of the stock is owned by corporate 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.