Analyst David Li of Bank of America Securities maintained a Buy rating on Zai Lab (ZLAB – Research Report), with a price target of $35.38.
David Li gave his Buy rating for Zai Lab’s stock for a variety of reasons. Primarily, this rating was based on the sales performance of Zai Lab’s drugs. The sales for their drugs niraparib, ripretinib, and omadacycline have shown significant growth. In August 2023, these drugs recorded sales of RMB59.7 million, 6.1 million, and 8.7 million respectively, which showed a year-over-year increase of 14.3%, 280.2%, and 1,062.4%. In addition, the monthly change in sales for ripretinib showed a significant increase of 94.5%.
Furthermore, Zai Lab is doing well in the competitive landscape of PARP inhibitors in China. For example, niraparib, a PARP inhibitor, accounted for 41.3% of the overall market revenue in August 2023. Given these factors, Li believes that Zai Lab’s stock is a good buy, with a price objective of USD 35.38. Considering the strong sales performance and the company’s position in the market, Li maintains his Buy recommendation.
According to TipRanks, Li is ranked #8177 out of 8504 analysts.
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Zai Lab (ZLAB) Company Description:
Zai Lab Ltd. is a biopharmaceutical company, which engages in the licensing, developing, and commercializing proprietary therapeutics that address areas of unmet medical need. Its product pipelines include ZL-2306, ZL-2401, FPA144, ETX2514, and ZL-2301. The company was founded by Samantha Ying Du and Marietta Wu in 2014 and is headquartered in Shanghai, China.
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