Zai Lab price target lowered to $31 from $37 at BofA

BofA lowered the firm’s price target on Zai Lab to $31 from $37 and keeps a Buy rating on the shares. The firm has cut revenue estimates for 2023 and beyond given that in November Zai Lab’s partner announced that the ADVANCE-SC study of efgartigimod on ITP did not meet the primary endpoint. Due to removing the revenue forecast for this indication from its model, the firm reduced revenue forecasts for 2023, 2024 and 2025 by 3%, 7% and 11%, respectively.