JPMorgan Lowers Zai Lab Limited (ZLAB) Price Target to $32, Reiterating Overweight Rating

JPMorgan cut the price target on Zai Lab Limited (NASDAQ:ZLAB) to $32 from $39, reiterating an Overweight rating. The firm updated models in the smid-cap biotechnology space. Zai Lab Limited reported a 17% YoY increase in total revenues to $127.6 million for Q4 2025 and a 15% YoY increase to $460.2 million for the full-year 2025. The company is advancing a global pipeline and has key regional programs advancing, including KarXT approval in China and pivotal data readouts for povetacicept and elegrobart in 2026.