ZLAB - Why Shares of Zai Lab Are Dropping Wednesday
2023-06-07 11:05:45 ET
Shares of Zai Lab (NASDAQ: ZLAB) were down more than 13% Wednesday morning, a day after the biotech company reported phase 3 trials for an oncology therapy it is developing with NovoCure . Zai Lab's stock is down more than 5% so far this year.
Zai Lab said that its tumor treating fields (TTFields) therapy, which uses skin patches to deliver electric fields to areas of the body, when used with standard therapies, met its primary endpoint of three-month improvement in median overall survival (OS) in metastatic non-small cell lung cancer (NSCLC) patients. The results were presented at the 2023 American Society of Clinical Oncology annual meeting in Chicago. According to Zai Lab, patients with the TTFields therapy had a median OS of 13.2 months compared to 9.9 months with patients who just had standard therapies.
Investors were apparently unimpressed with the results. The curious thing, though, is that NovoCure's shares barely fell on the news and were down only 1% Wednesday morning.
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Why Shares of Zai Lab Are Dropping Wednesday