NVCR - Here's Why Novocure Stock Dropped 42% in June
2023-07-06 13:17:16 ET
Novocure (NASDAQ: NVCR) shares dropped after publishing the results of an important clinical trial. The headlines looked positive at first glance, but the study raised concerns that lung cancer treatment might not have a place in the market. As a result, the stock tumbled 42% in June, according to S&P Global Market Intelligence .
Novocure has developed multiple treatments for advanced and aggressive cancers, including malignant pleural mesothelioma and glioblastoma. The company's treatments use electric fields to disrupt tumor growth, and they have been shown to effectively kill cancer cells and extend life expectancy in several contexts.
Novocure's recent phase 3 Lunar clinical trial tested their technology's efficacy in combination with standard chemotherapy for non-small cell lung cancer. The trial was successful, demonstrating a clinically meaningful increase in patient survival rates. It was the first study in seven years to show increased efficacy in that sort of chemotherapy treatment. As a result, Novocure is much more likely to have a new indication approved for its technology, which would open the door to new revenue opportunities.
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Here's Why Novocure Stock Dropped 42% in June