Wells Fargo & Company MN raised its holdings in Zai Lab Ltd (NASDAQ:ZLAB) by 64.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 764,396 shares of the company’s stock after acquiring an additional 298,850 shares during the quarter. Wells Fargo & Company MN owned 1.32% of Zai Lab worth $26,654,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Parallel Advisors LLC bought a new stake in Zai Lab during the second quarter worth approximately $36,000. Bank of America Corp DE lifted its position in Zai Lab by 20.3% in the fourth quarter. Bank of America Corp DE now owns 6,528 shares of the company’s stock worth $151,000 after purchasing an additional 1,103 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Zai Lab by 0.7% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 199,903 shares of the company’s stock worth $6,971,000 after purchasing an additional 1,297 shares during the period. Advisors Preferred LLC bought a new position in Zai Lab in the second quarter worth $54,000. Finally, Aperio Group LLC bought a new position in Zai Lab in the second quarter worth $95,000. 46.23% of the stock is owned by institutional investors.
Several research analysts recently commented on the company. ValuEngine cut Zai Lab from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Macquarie assumed coverage on Zai Lab in a research note on Friday, July 5th. They set an “outperform” rating and a $36.54 price objective for the company. Bank of America assumed coverage on Zai Lab in a research note on Friday, July 12th. They set a “buy” rating and a $43.00 price objective for the company. China Renaissance Securities assumed coverage on Zai Lab in a research note on Wednesday. They set a “buy” rating for the company. Finally, Zacks Investment Research upgraded Zai Lab from a “sell” rating to a “hold” rating in a research note on Saturday, August 31st. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $38.25.
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, 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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