Novocure METIS results ‘not a home run,’ says H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Novocure to $24 from $22 and keeps a Neutral rating on the shares after the company announced results of the Phase 3 METIS study evaluating Tumor Treating Fields therapy and supportive care compared to supportive care alone in the treatment of patients with 1-10 brain metastases from non-small cell lung cancer following stereotactic radiosurgery. The firm updated its model to increase the odds of success for brain mets from NSCLC to 80% from 60% following the positive topline results of METIS and still sees “high likelihood of approval in this setting.” However, while METIS hit its primary endpoint, secondary endpoints were not statistically significant and the results were “not a home run,” added the analyst, who estimates peak sales of $1.1B by 2037.