Leerink raised the firm’s price target on Zai Lab (ZLAB) to $75 from $73 and keeps an Outperform rating on the shares. The firm notes the company’s partner Amgen (AMGN) announced that the Phase III FORTITUDE-101 study evaluating bemarituzumab in combination with chemotherapy in first line FGFR2b+ gastric cancer had met its primary endpoint. Recall, bemarituzumab is being developed by Amgen for 1L FGFR2b+ gastric cancer across two Phase III trials: FORTITUDE-101 and FORTITUDE-102. Zai Lab holds Greater China rights to Bema and has participated in both studies, Leerink adds. The positive FORTITUDE-101 data support Zai Lab’s plan to submit for regulatory approval in China as soon as possible.
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