NVCR - Why Novocure Stock Fell 24.4% This Week
2023-08-31 18:52:06 ET
Shares of Novocure (NASDAQ: NVCR) are down 25.9% so far this week as of the market close on Thursday, according to data provided by S&P Global Market Intelligence , as the company announced a discouraging update on the phase 3 INNOVATE-3 clinical trial evaluating the ability of its key Tumor Treating Fields (TTFields) therapy in treating platinum-resistant ovarian cancer.
To be sure, the entirety of this week's decline came on Monday after Novocure's press release hit the wires.
Novocure's TTFields technology has already received approval to treat patients with a form of brain cancer called glioblastoma. But on Monday, Novocure said that the phase 3 trial of TTFields, together with paclitaxel in patients with platinum-resistant ovarian cancer, did not meet its primary endpoint of overall survival at the final analysis. Patients who were randomized to receive TTFields therapy plus paclitaxel saw a median overall survival of 12.2 months, versus 11.9 months in patients treated with only paclitaxel -- a statistically insignificant difference.
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Why Novocure Stock Fell 24.4% This Week