Wedbush initiates coverage on NovoCure Ltd. (NASDAQ: NVCR) with a Outperform rating and a price target of $30.00.

Analyst Tao Levy commented, " NovoCure is a rapidly emerging, commercial stage company whose flagship Tumor Treating Fields (TTFields) technology reverses tumor growth by disrupting cell division and causing cancer cell death. The company’s Optune system is indicated for the treatment of newly-diagnosed and recurrent glioblastoma (GBM) patients; GBM is the most common and aggressive form of primary brain cancer and is associated with a high unmet need. We estimate that the company’s device could address an annual market opportunity of over $2 billion (incidence 13,500 patients) in its target geographies (US, Germany, Japan). With a significant market opportunity, several upcoming near-term catalysts, and a robust multibillion dollar pipeline, we believe NovoCure is well-positioned to grow revenue at a 3-year CAGR (’15-’18) of ~94% and generate its first profitable year in 2018."

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Shares of NovoCure Ltd. closed at $20.58 yesterday.