NovoCure Limited NVCR shares are trading higher Tuesday. The stock appears to be recovering from a loss of over 30% on Monday.
What To Know:
Shares of NVCR fell more than 30% on Monday after the company announced that the phase 3 ENGOT-ov50 / GOG-3029 / INNOVATE-3 clinical trial of Tumor Treating Fields (TTFields) together with paclitaxel in patients with platinum-resistant ovarian cancer did not meet its primary endpoint of overall survival (OS).
After the announcement, Wells Fargo analyst Larry Biegelsen maintained NovoCure with an Overweight and lowered the price target from $102 to $49.
HC Wainwright & Co. analyst Emily Bodnar downgraded NovoCure from Buy to Neutral and announced a $25 price target.
Novocure shares are moving up on heavy trading volume Tuesday. According to Benzinga Pro, more than 2.3 million shares have already been traded in the session, compared to the stock's 100-day average of 1.884 million shares.
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NVCR Price Action: According to Benzinga Pro, shares of NVCR are up nearly 16% at $21.56 at the time of publication.
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