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NovoCure initiated at buy at Wainwright on base business expansion, phase 3 readouts
By No Author Named
(Seeking Alpha)
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 wrote.
NovoCure's (NVCR) pipeline is based on the company's Tumor Treating Fields technology, which works by blocking cell division (mitosis) in cancer.
Read why Seeking Alpha contributor Shareholders Unite said NovoCure (NVCR) is a buy for the patient investor.