NVCR - NovoCure initiated at buy at Wainwright on base business expansion phase 3 readouts

H.C. Wainwright has initiated NovoCure (NASDAQ:NVCR) with a buy rating citing international expansion of its core business and four phase 3 studies with readouts expected from 2022-2024. The firm has a $115 price target (~76% upside based on Friday's close). Analyst Emily Bodnar said that even though its base business generates ~$500M in sales annually, NovoCure (NVCR) treatments can still benefit from international approvals as the company "focuses on life cycle management with additional studies and next-generation arrays on the horizon for 2022. She highlighted upcoming results from several late-stage studies: the LUNAR study for stage 4 non-small cell lung cancer (NSCLC) later this year; the METIS study for  brain metastases from NSCLC in 2023; and the PANOVA-3 study for pancreatic cancer in 2024. "We believe there is a significant buying opportunity, and there is value to unlock at current levels assuming only one ongoing Phase 3 study readouts positive," Bodnar

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NovoCure initiated at buy at Wainwright on base business expansion, phase 3 readouts