Shares of Zai Lab Ltd (ZLAB) surged 5.5% in Thursday's extended trading session, outperforming the broader market despite missing earnings expectations for the fourth quarter of 2024. The rally was fueled by the biopharmaceutical company's robust revenue growth and a positive outlook from Wall Street analysts.
In its latest quarterly report, Zai Lab posted an adjusted loss of $0.80 per share, wider than the consensus estimate of a $0.65 loss. However, the company's top line grew an impressive 64.8% year-over-year to $108.51 million, driven by strong demand for its innovative cancer treatments and other therapies.
While the earnings miss was a slight disappointment, analysts remained overwhelmingly bullish on Zai Lab's prospects. The average analyst rating on the stock is a "Buy," with a median 12-month price target of $50, representing significant upside potential from current levels. Analysts cited the company's promising pipeline, expanding geographic footprint, and solid execution as key growth drivers.
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