Zai Lab Ltd (ZLAB.OQ) saw its shares plummet 5.21% in pre-market trading on Friday after the biopharmaceutical company reported a wider-than-expected loss for the fourth quarter and revenue that fell slightly short of Wall Street estimates.
The company reported an adjusted loss of $0.80 per share for the quarter ended December 31, higher than the analyst consensus estimate of a $0.65 loss per share. Revenue rose 64.8% year-over-year to $108.51 million, but missed analysts' expectation of $110.21 million.
Despite the disappointing quarterly results, analysts remain optimistic about Zai Lab's prospects, with 12 out of 12 analysts rating the stock as a "buy" or "strong buy." The average consensus price target for the stock stands at $50.00, representing significant upside potential from its current levels.
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