Millennium Management LLC Bought 275,794 Shares of Zai Lab Ltd (ZLAB)

Millennium Management LLC Bought 275,794 Shares of Zai Lab Ltd (ZLAB)

Millennium Management LLC increased its holdings in shares of Zai Lab Ltd (NASDAQ:ZLAB) by 255.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 383,885 shares of the company’s stock after acquiring an additional 275,794 shares during the quarter. Millennium Management LLC’s holdings in Zai Lab were worth $8,925,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. Orbimed Advisors LLC increased its position in Zai Lab by 144.8% during the second quarter. Orbimed Advisors LLC now owns 1,611,000 shares of the company’s stock worth $37,456,000 after acquiring an additional 952,840 shares during the period. FMR LLC increased its position in Zai Lab by 3.9% during the second quarter. FMR LLC now owns 5,055,427 shares of the company’s stock worth $117,539,000 after acquiring an additional 188,745 shares during the period. BlackRock Inc. increased its position in Zai Lab by 205.2% during the second quarter. BlackRock Inc. now owns 63,368 shares of the company’s stock worth $1,473,000 after acquiring an additional 42,608 shares during the period. Finally, Segantii Capital Management Ltd increased its position in Zai Lab by 38.8% during the second quarter. Segantii Capital Management Ltd now owns 534,445 shares of the company’s stock worth $12,426,000 after acquiring an additional 149,445 shares during the period. 21.21% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have issued reports on ZLAB. Leerink Swann reiterated an “outperform” rating and set a $43.00 price objective on shares of Zai Lab in a research note on Thursday, June 28th. Zacks Investment Research downgraded shares of Zai Lab from a “hold” rating to a “sell” rating in a research note on Wednesday, August 15th. Finally, BidaskClub downgraded shares of Zai Lab from a “hold” rating to a “sell” rating in a research note on Friday, September 7th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $34.00.

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Shares of Zai Lab stock opened at $17.48 on Tuesday. The stock has a market cap of $1.13 billion and a price-to-earnings ratio of -7.53. Zai Lab Ltd has a 12-month low of $17.17 and a 12-month high of $35.74.

Zai Lab 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.

Read More: Intrinsic Value and Stock Selection

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