Zai Lab (NASDAQ:ZLAB) Stock Price Up 10% – Here’s What Happened

Shares of Zai Lab Limited (NASDAQ:ZLAB) shot up 10% on Wednesday . The stock traded as high as $32.03 and last traded at $31.85. 115,439 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 666,083 shares. The stock had previously closed at $28.96.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ZLAB. JPMorgan Chase & Co. upped their target price on Zai Lab from $38.00 to $44.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Cantor Fitzgerald reiterated an “overweight” rating on shares of Zai Lab in a report on Friday, October 25th.

Zai Lab Price Performance

The company has a 50-day moving average price of $25.78 and a 200 day moving average price of $20.94.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets raised its position in shares of Zai Lab by 51.2% in the 1st quarter. BNP Paribas Financial Markets now owns 2,671 shares of the company’s stock worth $43,000 after acquiring an additional 904 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Zai Lab in the 1st quarter worth $64,000. Daiwa Securities Group Inc. raised its position in shares of Zai Lab by 4,851.8% in the 3rd quarter. Daiwa Securities Group Inc. now owns 9,557 shares of the company’s stock worth $231,000 after acquiring an additional 9,364 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in shares of Zai Lab by 58.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 9,559 shares of the company’s stock worth $231,000 after acquiring an additional 3,514 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new position in Zai Lab during the 3rd quarter valued at about $357,000. 41.65% of the stock is owned by institutional investors.

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.