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Investing.com - H.C. Wainwright has reiterated its Buy rating and $38.00 price target on NovoCure Ltd. (NASDAQ:NVCR), representing nearly 200% upside from the current price of $12.92. The $1.44 billion market cap company, which InvestingPro analysis shows maintains a strong balance sheet with more cash than debt, received this positive outlook following the presentation of final results from the company’s Phase 3 METIS trial at the American Society for Radiation Oncology annual meeting.
The METIS trial evaluated TTFields therapy plus best supportive care of stereotactic radiosurgery (SRS) versus SRS alone in patients with brain metastases secondary to non-small cell lung cancer. The study enrolled 298 patients with 1-10 brain metastases who were followed for a median of 8.6 months. Despite posting strong revenue growth of 14.58% and maintaining an impressive gross margin of 76.54%, the company is yet to achieve profitability.
The primary endpoint of time to first intracranial progression or neurologic death was met for the TTFields plus SRS group, with a median time of 15.0 months compared to 7.5 months with SRS alone (p=0.044; HR 0.72). This represents approximately a two-fold increase in time to progression, which H.C. Wainwright views as favorable despite being lower than originally reported figures.
Additional analyses presented included a Fine-Gray adjustment for competing risks showing TTFields benefit over best supportive care, positive updated intracranial progression rates up to 24 months, and a subgroup analysis of 118 post-ICI patients indicating beneficial effects on time to first intracranial progression and time to distant intracranial progression.
Secondary endpoints measuring neurocognitive failure, overall survival, and radiological response of brain lesions showed no significant changes, which was in line with expectations according to H.C. Wainwright. For deeper insights into NovoCure’s financial health, growth prospects, and detailed analysis of its clinical pipeline, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, Novocure announced significant findings from its Phase 3 METIS trial, revealing that its Tumor Treating Fields (TTFields) therapy resulted in a statistically significant delay in brain metastases progression in non-small cell lung cancer (NSCLC) patients. The trial showed a 28% lower risk of intracranial progression for patients receiving TTFields therapy compared to those receiving only best supportive care. Additionally, Japan’s Ministry of Health, Labour and Welfare approved Novocure’s Optune Lua device for use with PD-1/PD-L1 inhibitors in advanced NSCLC patients, based on a Phase 3 LUNAR trial that showed a 3.3-month improvement in median overall survival.
Novocure also decided to terminate its LUNAR-4 clinical trial for metastatic NSCLC, citing the availability of real-world evidence. Meanwhile, Spain’s Ministry of Health approved TTFields therapy for inclusion in the Spanish National Health System for treating newly diagnosed glioblastoma, making the therapy accessible to more patients. Furthermore, Novocure has applied for FDA approval for its TTFields therapy to treat locally advanced pancreatic cancer, based on results from its PANOVA-3 clinical trial. These recent developments reflect Novocure’s ongoing efforts to expand the use of its therapies across various types of cancer.
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