BofA lowered the firm’s price target on Zai Lab to $62.50 from $75 and keeps a Buy rating on the shares after the company and Novocure (NVCR) presented results from the phase 3 LUNAR trial evaluating the use of Tumor Treating Fields, or TTFields, therapy together with standard therapies for the treatment of non-small cell lung cancer, or NSCLC, at the American Society of Clinical Oncology, or ASCO, annual meeting. Considering the risk of NSCLC approval, the firm lowers its view of the probability of success for Optune in NSCLC to 40% from 70%, pancreatic cancer to 40% from 70% and ovarian cancer to 30% from 40% and also lowers the penetration assumption of TTFields in NSCLC patients.
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Published first on TheFly
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