Zai Lab (NASDAQ:ZLAB) Downgraded by Zacks Investment Research to “Hold”

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Zai Lab (NASDAQ:ZLAB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Saturday, Zacks.com reports.

According to Zacks, “Zai Lab Ltd is a biopharmaceutical company. It focused on medicines for cancer, autoimmune and infectious diseases primarily in China. The company’s product pipeline consists of ZL-2306, ZL-2401, ZL-2301, ZL-3101, ZL-2302 and ZL-1101 which are in clinical stage. Zai Lab Ltd is based in Pudong, China. “

Several other brokerages have also recently commented on ZLAB. BidaskClub raised shares of Zai Lab from a “hold” rating to a “buy” rating in a research report on Friday, April 5th. Leerink Swann set a $46.00 price target on shares of Zai Lab and gave the company a “buy” rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $36.90.

ZLAB stock traded up $0.27 during midday trading on Friday, hitting $31.47. The company’s stock had a trading volume of 137,235 shares, compared to its average volume of 216,250. Zai Lab has a 52-week low of $14.29 and a 52-week high of $33.86. The stock has a market capitalization of $1.81 billion, a PE ratio of -11.92 and a beta of 0.96.

Several institutional investors and hedge funds have recently made changes to their positions in ZLAB. Vanguard Group Inc. acquired a new stake in shares of Zai Lab in the 3rd quarter valued at $14,955,000. Wells Fargo & Company MN raised its holdings in shares of Zai Lab by 3,716.0% in the 1st quarter. Wells Fargo & Company MN now owns 465,546 shares of the company’s stock valued at $13,738,000 after purchasing an additional 453,346 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Zai Lab by 306.1% in the 4th quarter. BlackRock Inc. now owns 430,710 shares of the company’s stock valued at $10,002,000 after purchasing an additional 324,651 shares in the last quarter. WealthPLAN Partners LLC acquired a new stake in shares of Zai Lab in the 4th quarter valued at $4,824,000. Finally, Polar Capital LLP acquired a new stake in shares of Zai Lab in the 4th quarter valued at $3,483,000. Institutional investors and hedge funds own 36.39% of the company’s stock.

Zai Lab Company Profile

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, and autoimmune and infectious disease therapies in the People's Republic of China. Its drug candidates include ZL-2306, a poly ADP ribose polymerase 1/2 inhibitor, which is in Phase III clinical trial for the treatment of ovarian, lung, and breast cancers; ZL-2401, an antibiotic that is in Phase III clinical trial to treat ABSSSI, CABP, and UTI; FPA144, a humanized monoclonal antibody, which is in Phase I/III clinical trial to treat gastric and gastroesophageal cancer; ETX2514, a novel ß-lactamase inhibitor that is in Phase II cUTI trial for the treatment of acinetobacter baumannii; and ZL-2301, which is in Phase III clinical trial to treat HCC.

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