Stock Track | NovoCure Stock Soars 5.08% on Positive Clinical Trial Results and Analyst Optimism

Stock Track12-07

NovoCure's (NVCR) stock soared 5.08% in Friday's intraday trading session, fueled by positive news from a late-stage clinical trial and favorable analyst reactions.

The biotech company, in collaboration with Zai Lab, announced promising results from a Phase 3 clinical trial of its tumor-treating fields (TTF) therapy. The trial evaluated the therapy, administered in combination with two cancer drugs, for the treatment of unresectable, locally advanced pancreatic adenocarcinoma.

The TTF therapy met its primary endpoint, demonstrating a statistically significant improvement in survival for the study participants compared to the control group. NovoCure highlighted that the treatment was generally well-tolerated, with safety levels matching previous trials. The company plans to submit these results for regulatory approval for the evaluated indication.

Following the positive clinical trial news, H.C. Wainwright analyst Emily Bodnar raised her price target on NovoCure's stock to $38 from $30, maintaining a "Buy" rating. Bodnar expressed surprise at the trial's highly positive outcome, reflecting increased optimism among analysts tracking the stock.

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