- Wainwright’s new price target represents a potential upside of 275% from Thursday’s closing price.
- According to data from Koyfin, five of the seven analysts covering NVCR rate it ‘Buy’ or higher while two rate it ‘Hold.’
- The average price target on the stock is at $24.07, representing a potential upside of 92%.
Shares of Novocure (NVCR) closed 19% higher on Thursday after HC Wainwright projected an upside of over 250% for the stock.
H.C. Wainwright raised the firm's price target on Novocure to $47 from $39 and kept a ‘Buy’ rating on the shares after the company announced U.S. Food and Drug Administration’s approval of Optune Pax, a portable therapeutic device, for the treatment of locally advanced pancreatic cancer.
The analyst’s new price target represents a potential upside of 275% from Thursday’s closing price.
According to data from Koyfin, five of the seven analysts covering NVCR rate it ‘Buy’ or higher, while two rate it ‘Hold.’ The average price target on the stock is at $24.07, representing a potential upside of 92%.
FDA Approval For Optune Pax
The approval was based on a late-stage trial where treatment with Optune Pax resulted in a statistically significant improvement in overall survival without adding to the systemic side effects commonly associated with existing therapies, the company said on Wednesday. It also significantly extended time to pain progression.
The FDA approval allows Optune Pax to be used together with standard chemotherapy drugs gemcitabine and nab-paclitaxel.
Optune Pax is a wearable, non-invasive medical device that delivers Tumor Treating Fields, which are alternating electric fields that disrupt cancer cell division and survival without significantly harming healthy cells.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment for NVCR stock jumped from ‘bullish’ to ‘extremely bullish’ territory over the past 24 hours, while message volume increased from ‘high’ to ‘extremely high’ levels.
A Stocktwits user opined that FDA approval doesn’t equate to commercial success.
Another posed hopes for a rally to the year-end “assuming no more missteps from management.”
NVCR stock has dropped 41% over the past 12 months.
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