NovoCure (NASDAQ:NVCR) shares are down nearly 33% in the pre-market session today after the medical device maker announced that the Phase 3 trial of tumor-treating fields (TTF) in combination with paclitaxel failed to achieve its primary endpoint of overall survival (OS) in platinum-resistant ovarian cancer.
While patients receiving paclitaxel alone showed a median OS of 11.9 months, the combination showed a median OS of 12.2 months. Ovarian cancer is the fifth leading cause of cancer deaths among women in the U.S.
NovoCure’s tumor-treating fields are electric fields that eliminate cancer cells by exerting physical forces. Importantly, TTFields do not impact healthy cells, and the therapy can be added to cancer treatment modalities in approved indications.
Overall, the Street has a consensus price target of $65.29 on NovoCure, alongside a Moderate Buy consensus rating, implying a mouth-watering 119% potential upside. That’s after a nearly 63.6% drop in NVCR shares over the past year.
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