ZLAB Phase 2 readout: a negative outcome, -5.3%

On November 9, 2018, Zai Lab Limited reached its Phase 2 readout. The result was a negative outcome, and the stock moved -5.3% in the window around the event. It had already run +8.4% in the 30 days into the catalyst — the kind of pre-event run-up that often precedes binary readouts.