Novocure upgraded to Outperform from In Line at Evercore ISI

Evercore ISI upgraded Novocure (NVCR) to Outperform from In Line with a price target of $30, up from $18, heading into the Panova trial readout given what the firm identifies as an “asymmetric risk/reward profile.” PANOVA-3 is a prospective, Phase 3 randomized trial in patients with unresectable, locally advanced pancreatic cancer and assuming about 50% probability for success, peak revenue of greater than 500M and about 30% penetration, the firm sees about 50% upside to shares in a base case, the analyst tells investors.