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NovoCure Limited (NVCR) stock is soaring today: Why is it so?

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NovoCure Limited (NVCR) announced an update related to its phase 3 pivotal LUNAR trial of Tumor Treating Fields (TTFields) in stage 4 non-small cell lung cancer after which the NVCR price soared by 106.43% to reach $238.31 a share at the time of this writing. NVCR stock was down in the previous trading session and closed with a 0.16% drop. Let’s understand more about NovoCure stock.

What’s happening?

NovoCure Limited is an oncology company that develops, manufactures, and commercializes Optune to treat various types of solid tumors. An independent data monitoring committee recommended the continuation of the LUNAR trial after the analysis of the data of 210 patents accrued to the LUNAR trial through February 2021. Moreover, DMC recommended a 256 patients sample size with 12 months follow-up instead of 534 patients with 18 months follow-up as the former data would be sufficient for primary as well as secondary endpoints. The U.S. Food and Drug Administration has been notified of the recommendations of DMC by the NovoCure stock.

The management is pleased with the DMC recommendations and believes that TTFields use with immune checkpoint inhibitors or docetaxel would create a significant impact in the treatment of non-small cell lung cancer. The management is planning to continue the development of TTFields for the treatment of various types of cancers.NovoCure’s CEO  Asaf Danziger considered the completion of the Lunar interim analysis as a major milestone for the NVCR and thanked the DMC members for their support. The management is looking forward to sharing the Final data of the Lunar trial as soon as possible.

Financial View of NVCR stock:

NovoCure stock will announce its first-quarter results of 2021 on Thursday, April 29, 2021.Wall Street analysts forecasted $136.54 million in sales for the first quarter of the company. NVCR stock generated sales of $101.83 million in the first quarter of 2020 which means that analysts have suggested a 34.1% growth rate of NVCR stock over the year. Analysts expect $582.87 million full-year sales of the current year and $669.26 million for the next fiscal year.

Conclusion:

Investors are responding to the NVCR stock news as NovoCure stock price has significantly risen today. The recent developments of NVCR point to the overall growth of the stock and analysts also forecasted 34% growth of NVCR stock over the year. The first-quarter results ahead would further clear the confusion of individuals. In a nutshell, NVCR can be a good bet for investors in the long run.

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