Why Shares of Zai Lab Limited Were Jumping on Tuesday

Shares of Zai Lab (NASDAQ: ZLAB) were up more than 10% as of 11 a.m. on Tuesday. The Chinese biotech stock rose after the company announced positive phase 3 trial data regarding Tivdak as a front-line therapy to treat metastatic cervical cancer in patients who have had no more than two prior systemic regimens. The stock is down more than 6% this year.

Seagen (NASDAQ: SGEN) and (NASDAQ: GMAB) are collaborating with Zai Lab on the development of Tivdak. The companies announced on Tuesday that the drug's overall survival rate met its primary endpoint in the trial compared to patients who received chemotherapy alone. The companies said that patients' progression-free survival rates and objective response rates showed improvements with Tivdak. 

Zai Lab's own trial on the drug in China has begun and is continuing to enroll patients.

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Source Fool.com