Zai Lab Ltd entered a material agreement; sold unregistered shares; made a public disclosure; disclosed a material event
SEC 8-KRead source ↗
Zai Lab Ltd is a US-listed company in the biotechnology industry. Its financial year ends in December.
Stock price today
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Third-party market data · may be delayed
Model estimate per share
~$13
Forward price-to-sales vs peers
Base case. Range ~$13–$53. Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative.
Price vs value
No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.
Zai Lab Ltd valuation: adjust assumptions and compare models →
Who’s trading
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
- Insiders1 buying, 6 selling2 purchases and 40 sales by directors and officers, last 12 monthsInsider trades
- Funds43 adding, 50 cuttingOf 18 active managers that changed their stake, 11 added; quarter to June 30, 2026Fund buyers and sellers
The Fundamentalytics view
Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 32% in the quarter to 2026-06-30, the 2nd beat in the last four quarters.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Highlights
How we pick theseStrengths
Nothing in Zai Lab Ltd's latest figures clears our strength thresholds.
Things to watch
- Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
- Volatile shares. Over the past year the shares showed annualised volatility of 51% and a beta of 1.1 against the S&P 500.
- Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
Latest results
- Earnings per share
- -$0.46 against an average estimate of -$0.68: beat by 32.3%
- Share reaction
- +26.9% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
- Next report
- November 5, 2026; average EPS estimate -$0.56
Price chart
- 1 day-1.8%
- 1 week-11.0%
- 1 month-11.0%
- This year+22.8%
- 1 year-17.1%
- 5 years-79.1%
- S&P 500 this year+11.2%
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Third-party market data · may be delayed
At a glance
Earnings
- Last results
- August 6, 2026
- Next results (est.)
- November 5, 2026
News & updates
Company announcements, filed results and changes that matter to shareholders.
- Agreement
- Results
Zai Lab Ltd reported results
SEC 8-KRead source ↗
Valuation models
We value Zai Lab Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: no revenue, margin or share count to start from |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no twelve-month earnings or share count in the filings yet |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: no twelve-month earnings or share count in the filings yet |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: no twelve-month earnings or share count in the filings yet |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$13 ~$14–$53 | Included, half weight |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$13 ~$13–$53 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Zai Lab Ltd with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Forecasts and guidance
Next results: November 5, 2026, before the open. Analysts expect revenue of $109m and EPS of −$0.56 (range −$0.67 to −$0.49) for the quarter.
Analysts' consensus
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$2.20 | −37% | $433m | −6% |
| Next | −$2.11 | +4% | $548m | +27% |
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is +0.0% on 90 days ago. In the last 30 days, 6 analysts raised Zai Lab Ltd's forecast and 3 cut it.
Average of analysts' published estimates (third-party data).
View chart data
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$2.19 | −$1.76 |
| 60 days ago | −$2.20 | −$2.11 |
| 30 days ago | −$2.20 | −$2.11 |
| 7 days ago | −$2.20 | −$2.11 |
| Now | −$2.20 | −$2.11 |
Earnings against estimates
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.68 | −$0.46 | +32.3% |
| Mar 2026 | −$0.53 | −$0.46 | +12.6% |
| Dec 2025 | −$0.42 | −$0.46 | −8.5% |
| Sept 2025 | −$0.29 | −$0.33 | −12.9% |
Adjusted EPS as companies report it, against the average analyst estimate.
Positioning
- Short interest
- 8.0% of tradable shares
- Days to cover
- 10.97 at average volume
- Short interest, 1 month
- +8% to October 15, 2026
- Held by institutions
- 35% of shares
- Held by insiders
- 1.9% of shares
- Employees
- 1,784 full time
Share-price performance
Market data may be delayedReturn and risk by year
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| ZLAB | −54% | −51% | −11% | −4% | −33% | +23% |
| Industry peers (median) | −35% | −57% | −18% | −29% | −5% | −27% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| ZLAB | 25% | 42% | 50% | 42% | 50% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| ZLAB | −71% | −65% | −53% | −50% | −61% | −35% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since September 20, 2017: 93% from January 20, 2021 to April 17, 2024. Getting back needed a 1297% gain, and the shares have not yet recovered.
Price behaviour
- 52-week range
- $16.30 – $27.00
- From 52-week high
- −19.8%
- vs 50-day average
- −12.8%
- vs 200-day average
- +3.2%
- Volatility (1 year)
- 51%
- Beta vs S&P 500
- 1.05
Share price after results
- Next day
- 4 up, 8 down typical move ±9.0%
- After a week
- 5 up, 7 down typical move ±10.8%
- After a month
- 5 up, 7 down typical move ±18.6%
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 6, 2026 | +26.9% | +0.5% | +41.7% | +42.8% |
| May 7, 2026 | −11.5% | +0.5% | −3.2% | −21.6% |
| February 26, 2026 | −0.9% | −1.0% | −0.5% | −7.2% |
| November 6, 2025 | −11.7% | −1.0% | −12.4% | −23.2% |
| August 7, 2025 | −9.7% | +0.7% | −9.8% | −19.1% |
| May 8, 2025 | +3.1% | +0.6% | +1.4% | +33.5% |
| February 27, 2025 | −1.2% | −0.1% | +0.9% | +6.3% |
| November 12, 2024 | −3.7% | −0.3% | −15.9% | −14.1% |
| August 6, 2024 | −5.6% | +0.2% | −7.9% | +11.3% |
| May 8, 2024 | +26.0% | +0.6% | +25.0% | +19.9% |
| February 27, 2024 | −0.9% | +0.1% | −9.9% | −22.9% |
| November 7, 2023 | +7.4% | +0.4% | +1.5% | −1.5% |
Fundamentals
Where the revenue comes from
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Zejula | $189M | 41.3% | ▲ 1.0% |
| Vyvgart Vyvgart Hytrulo | $94.2M | 20.6% | ▲ 0.6% |
| Nuzyra | $60.8M | 13.3% | ▲ 40.8% |
| Optune | $48.3M | 10.6% | ▲ 19.4% |
| Qinlock | $35.6M | 7.8% | ▲ 23.5% |
| XACDURO | $22.9M | 5.0% | ▲ 593.3% |
| AUGTYRO | $5.5M | 1.2% | ▲ 409.0% |
| Other | $717,000 | 0.2% | — |
From Zai Lab Ltd's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
Who owns it
Funds buying and selling- Reported value
- $823M
- Institutions reporting
- 93
- Shares held vs prior quarter
- ▲ 53.3%
- Positions opened / closed
- 15 / 21
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| RTW Investments, LP | $125M | 6.6M | 15.2% | 0.0% |
| Tcg Crossover Management, LLC | $117M | 6.1M | 14.2% | New |
| RA Capital Management, L.P. | $109M | 5.7M | 13.3% | ▲ 0.6% |
| ADAR1 Capital Management, LLC | $64M | 3.4M | 7.8% | ▲ 136.4% |
| FMR LLC | $53.5M | 2.8M | 6.5% | ▲ 123.0% |
| Goldman Sachs Group Inc | $44M | 2.3M | 5.3% | ▲ 1993.8% |
| Woodline Partners LP | $41.9M | 2.2M | 5.1% | New |
| Frazier Life Sciences Management, L.P. | $36.1M | 1.9M | 4.4% | 0.0% |
| BAMCO Inc | $30.9M | 1.6M | 3.7% | ▼ 2.1% |
| Two Sigma Investments, LP | $24.7M | 1.3M | 3.0% | ▲ 319.5% |
| Citadel Advisors LLC | $24.4M | 1.3M | 3.0% | ▼ 23.9% |
| Rock Springs Capital Management LP | $15.5M | 815K | 1.9% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Zai Lab Ltd's complete shareholder register. Values are as reported by the filers .
Insider trading activity
Full insider history and chart Insider purchases History → $65,804 2 trades by 1 insider, last 12 months Insider sales History → $11.1M 40 trades by 6 insiders · 83% under pre-set plans
Net ▼ $11.1M net selling
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Chen Yajing Chief Financial Officer | August 19, 2026 | Sell pre-set plan | 260 | $27.00 | $7,020 |
| Lis William Director | August 12, 2026 | Sell pre-set plan | 8,506 | $25.00 | $212,650 |
| Chen Yajing Chief Financial Officer | August 11, 2026 | Sell pre-set plan | 619 | $25.00 | $15,475 |
| Gaynor Richard Director | July 1, 2026 | Buy pre-set plan | 1,736 | $19.05 | $33,071 |
| Du Ying Chairperson & CEO | June 30, 2026 | Sell | 7,026 | $18.53 | $130,192 |
| Chen Yajing Chief Financial Officer | June 26, 2026 | Sell | 2,264 | $17.46 | $39,529 |
| Du Ying Chairperson & CEO | June 26, 2026 | Sell | 24,543 | $17.46 | $428,521 |
| Edmondson Frazor Titus Iii Chief Legal Officer | June 26, 2026 | Sell | 4,103 | $17.46 | $71,638 |
| Lis William Director | June 22, 2026 | Sell pre-set plan | 7,040 | $18.09 | $127,354 |
| Du Ying Chairperson & CEO | May 18, 2026 | Sell pre-set plan | 50,000 | $19.00 | $950,000 |
| Du Ying Chairperson & CEO | May 15, 2026 | Sell pre-set plan | 50,000 | $20.74 | $1M |
| Du Ying Chairperson & CEO | May 14, 2026 | Sell pre-set plan | 50,000 | $20.09 | $1M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Earnings dates and SEC filings
Results announcements
Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced
- August 6, 2026
- May 7, 2026
- February 26, 2026
- November 6, 2025
- August 7, 2025
- May 8, 2025
Recent SEC filings
- 8-K Current report
- 10-Q Quarterly report
- 8-K Current report
- 8-K Current report
- 8-K Current report
- 10-Q Quarterly report
- 8-K Current report
- DEF 14A Proxy statement
Data status
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
Zai Lab Ltd in brief
- What does Zai Lab Ltd do?
- Zai Lab Ltd is a US-listed company in the biotechnology industry. Its financial year ends in December.
- What is Zai Lab Ltd's stock ticker?
- Zai Lab Ltd trades under the ticker ZLAB on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
- Who are Zai Lab Ltd's largest institutional shareholders?
- By value reported in 13F filings for June 30, 2026, the largest reported holders are RTW Investments, LP, Tcg Crossover Management, LLC and RA Capital Management, L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
- Are insiders buying or selling Zai Lab Ltd stock?
- Over the last 12 months, Zai Lab Ltd's directors and officers reported 2 open-market purchases and 40 sales on Form 4. The insider trading page charts every trade.
- When is Zai Lab Ltd's next earnings date?
- Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Zai Lab Ltd announces its own schedule.
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