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Wednesday, June 23, 2021

Why Zai Lab Ltd (ZLAB) stock lost its positive momentum in after-market on Monday?

Zai Lab Ltd (ZLAB) stock lost 5.68% to trade at $154.99 in after-market on Monday, April 19, 2021. In the early session, it gained 0.02% to close Monday’s session at $164.33.ZLAB shares have gained 158.91% over the last 12 months, and they have moved up by 24.45% in the past week. Over the past three months, the stock has shed 3.84%, while over the past six months, it has added 86.04%.


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Let’s discuss briefly the latest developments of ZLAB

Proposed ADS public offer announcement

On April 19, 2021, Zai Lab Limited commenced an underwritten public offering of $750,000,000 of American depositary shares (ADSs), each representing one ordinary share of the Company.

underwriters may get a 30-day option from Zai Labs to purchase additional ADS shares.

Phase 3 pivotal LUNAR trial of Tumor Treating Fields (TTFields) 

On April 13, 2021, Zai Lab Limited and Novocure announced an update regarding its phase 3 pivotal LUNAR trial of Tumor Treating Fields (TTFields) in stage 4 non-small cell lung cancer (NSCLC) following platinum failure.

According to the independent data monitoring committee review, the LUNAR trial should continue with no evidence of increased systemic toxicity.

The DMC also reduced the sample size of approximately 276 patients with 12 months follow-up which it believes will provide sufficient overall power for both primary and secondary endpoints.

QINLOCK approval in China

On March 31, 2021, China National Medical Products Administration (NMPA) approved New Drug Application (NDA) forZai Lab’s QINLOCK (ripretinib).

QINLOCK is used for the treatment of adult patients with advanced gastrointestinal stromal tumours (GIST) who have received prior treatment with three or more kinase inhibitors, including imatinib.

QINLOCK approval is the third innovative oncology product approval Zai Lab received in the last 15 months.

Recent financial results

On March 01, 2021, Zai Lab Limited reported financial results for the second half and full year of 2020.

Full-Year 2020 financial highlights

  • FY 2020 revenues were $49.0 million, compared to $13.0 million in 2019.
  • ZLAB spent $222.7 million in R&D expenses for 2020, compared to $142.2 million for 2019.
  • Selling, General & Administrative expenses were $111.3 million for 2020, compared to $70.2 million for 2019.
  • Zai Lab reported a net loss of $268.9 million, or $3.46 loss per share attributable to common stockholders in 2020 compared to a net loss of $195.1 million, or $3.03 loss per share for the full year of 2019.
  • Zai Lab had cash and cash equivalents, short-term investments and restricted cash totalled $1,187.5 million as of December 31, 2020, compared to $276.4 million as of December 31, 219.

Conclusion

ZLAB after-market loss on Monday has no reason and we can expect a recovery when the market opens today, based on its past performance.

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