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Why NovoCure stock fell today? TTFields data (NASDAQ:NVCR)

by Index Investing News
June 7, 2023
in Financial
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Shares of NovoCure Limited (NASDAQ:NVCR) reached a 52-week low on Tuesday after the medical device maker and its China-based partner Zai Lab (ZLAB) posted late-stage data for their cancer treatment device, Tumor Treating Fields (TTFields), in patients with lung cancer.

According to the companies, the device, which creates an electric field to control tumor cell growth, reached the primary endpoint in a Phase 3 trial named LUNAR for patients with non-small cell lung cancer (NSCLC).

Meeting the main goal in LUNAR, TTFields along with checkpoint inhibitors (ICI) or chemotherapy docetaxel indicated a three-month statistically significant improvement in median overall survival (OS).

However, after the readout, analysts questioned the commercial prospects of the device as most of the patients received ICI as a second-line option in the study.

Noting the overwhelming use of immunotherapies such as checkpoint inhibitors as a first-line option in the U.S., Jefferies analyst Michael Yee raised concerns about using TTFields in a second-line setting.

H.C. Wainwright analyst Emily Bodnar shared similar views. “Given that a majority of patients did not receive prior ICI in the first line setting, we are interested to see whether this makes a difference for the potential label,” Bodnar wrote.

However, Seeking Alpha analyst Terry Chrisomalis issued a Strong Buy rating on NovoCure (NVCR) after the readout noting that “misunderstood” data led to the extreme selloff and the company is “a good speculative biotech play.”

Based on LUNAR data, NovoCure (NVCR) and Zai Lab (ZLAB) target an FDA filing in H2 2023 to seek a Premarket Approval (PMA) for TTFields.

More on NovoCure

  • NovoCure gains as Wells Fargo upgrades on upcoming data readout
  • NovoCure: Pipeline Conversion Is Key



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Tags: DatafellNASDAQNVCRNovoCureStockTodayTTFields
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