Zai Lab: Validated Povetacicept Data and China IgAN Opportunity Support Upside and Buy RatingWe are encouraged by pove’s demonstrated strong efficacy/safety profile, though we await China-specific data from VRTX. In the meantime, we caution against over-analyzing the APAC subgroup data given no breakdown by ZLAB-specific geographies, relatively low N, and incomplete information on baseline characteristics-by-region. While ZLAB mgmt. has not yet disclosed the number of China patients in the study, they pointed to ~10-20% as ZLAB’s typical enrollment share and do not see any biological reason to expect Chinese patients would respond differently to pove, so the data may support possible accelerated approval in China too. We continue to see pove as a near-term driver of the stock amidst the business’ ongoing transformation and increased focus on the pipeline (more here).