Novocure price target raised to $33 from $28 at Leerink

Leerink raised the firm’s price target on Novocure (NVCR) to $33 from $28 and keeps an Outperform rating on the shares after the company announced the Phase 3 PANOVA-3 study evaluating Tumor Treating Fields in unresectable, locally advanced pancreatic adenocarcinoma demonstrated a statistically significant median overall survival benefit. Based on the floor value of Optune in glioblastoma multiforme and the potential for revenue upside from additional TTFields indications in non-small cell lung cancer and PDAC, despite outstanding questions, the firm holds a “positive view” on Novocure relative to its current valuation, the analyst tells investors.