NVCR - Why Novocure Was a Healthy Stock Today
2023-08-08 16:11:00 ET
Cancer-focused biotech Novocure (NASDAQ: NVCR) was the focus of an analyst upgrade on Tuesday, and the stock benefited from the move. In late-session trading that day, it was up by more than 3.3% in price, in contrast to the 0.5% slump of the bellwether S&P 500 index.
Novocure shareholders woke up to the pleasant news that Piper Sandler 's Jason Bednar upped his recommendation on Novocure well before market open that day. Bednar has removed his previous neutral tag on the stock, replacing it with an overweight (i.e., buy) designation. His price target has been set at $45 per share, suggesting potential upside of over 62% on the shares' current level.
For obvious reasons, long-term health scourge cancer is a hot area for biotechs . The rewards that companies developing successful cancer therapies stand to earn could be enormous, which is a key reason why investors are fascinated by them.
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Why Novocure Was a Healthy Stock Today