H.C. Wainwright Reiterates Buy Rating on NovoCure Ltd. (NVCR)

H.C. Wainwright analyst Emily Bodnar reiterated a Buy rating and $38.00 price target on NovoCure Ltd. (NASDAQ: NVCR).

The analyst commented: "This weekend at ASCO, Novocure presented well-received PANOVA-3 data (published in the Journal of Clinical Oncology) as an oral abstract and held an investor event to discuss the results. The Phase 3 PANOVA-3 trial (n=571) evaluated concomitant TTFields therapy + gemcitabine (gem) + nab-paclitaxel vs gem + nab-paclitaxel alone for treatment of 1L locally advanced, unresectable, pancreatic cancer (LA-PAC). The trial, with a data cutoff of Oct 16 2024, met its primary endpoint of OS making it the first Phase 3 trial in LA-PAC to show an OS benefit over gem/nab-paclitaxel. Median OS in the treatment arm was 16.2 months compared to 14.16 months in the control arm, which equated to a statistically significant 2-month median OS benefit (HR=0.819 and P=0.039). Secondary endpoints included PFS, local PFS, ORR, one-year survival rate, quality of life (QoL), etc. Significant benefits in QoL measures as well as pain free survival and reduction in digestive problems were noted in the TTFields arm, which in our view, underscores the benefit of device use, despite downsides such as localized skin reactions (LSRs) and that patients need to wear the device for a recommended 18 hours daily. No statistically significant PFS or ORR benefits were observed, which we are unsurprised by given that these endpoints were not statistically significant in other trials like LUNAR. PFS did favor TTFields therapy with a median of 10.6 vs. 9.3 months. TTFields use was generally safe and AEs remained consistent with previous studies and the known safety profile of gem + nab-paclitaxel. As expected, treatment manageable, LSRs were higher in the TTFields arm and included dermatitis (30%), rash (26%), and pruritus (22%). Reiterate Buy rating and $38 PT."

For an analyst ratings summary and ratings history on NovoCure Ltd. click here. For more ratings news on NovoCure Ltd. click here.

Shares of NovoCure Ltd. closed at $19.11 yesterday.

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