Zai Lab Ltd (NASDAQ:ZLAB) is one of the best biotech stocks to buy according to billionaire Steve Cohen. On June 30, Leerink Partners raised its price target for the stock to $75 from $73. The research firm also reiterated an ‘Outperform’ rating on the stock.
A doctor in a white coat discussing clinical trial results with a patient in an oncology practice.
The research firm hiked its price target following positive Phase III trial results from the FORTITUDE-101 study. The study was evaluating bemarituzumab as a first-line FGFR2B-positive gastric cancer treatment. The candidate drug, developed in partnership with Amgen, met its primary endpoint while demonstrating a significant and clinically meaningful overall survival benefit compared to placebo plus chemotherapy.
Following the positive results, Zai Labs plans a second Phase III trial, FORTITUDE-102, which will evaluate bemarituzumab in combination with chemotherapy and nivolumab. The company expects top-line data in the second half of the year that will affirm the candidate drug as a first-line treatment for gastric cancer. It also plans to file for regulatory approval in China following the positive results.
Zai Lab Ltd is a biopharmaceutical company that discovers, develops, and commercializes innovative medicines for oncology, autoimmune disorders, infectious diseases, and neurological disorders.
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This article is originally published at Insider Monkey.
