Larry Biegelsen, an analyst from Wells Fargo, maintained the Buy rating on NovoCure (NVCR – Research Report). The associated price target is $49.00.
Larry Biegelsen has given his Buy rating due to a combination of factors involving NovoCure’s recent financial performance and promising developments in its product pipeline. The company reported a top-line revenue beat in the fourth quarter, driven by considerable growth in both the EMEA and U.S. markets. The Q4 revenue of $134 million, which represents a year-over-year increase and exceeds both consensus and Wells Fargo’s estimates, reflects underlying business strength, with prescription growth and active patient count surpassing expectations. Particularly, the substantial revenue surge in the EMEA region indicates successful market penetration and the positive impact of reimbursement changes.
In addition to the robust financials, Biegelsen’s optimism is further buoyed by strategic advancements in NovoCure’s pipeline. The filing of LUNAR in the U.S. and Japan could lead to approvals and market expansions in 2024 and 2025, respectively, which offers potential for future revenue growth. Moreover, the anticipation of the METIS trial results could reveal additional market opportunities. Although there was a slight underperformance in the Rest of World segment, overall, the positive developments in key geographical markets and the forward-looking pipeline updates provide a solid basis for the Buy recommendation on NovoCure’s stock.
According to TipRanks, Biegelsen is a 5-star analyst with an average return of 12.1% and a 61.66% success rate. Biegelsen covers the Healthcare sector, focusing on stocks such as Johnson & Johnson, Bausch + Lomb Corporation, and Medtronic.
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NovoCure (NVCR) Company Description:
NovoCure Ltd. develops treatment for tumors. Its platform is called the Tumor Treating Field which used electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. The company was founded by Yoram Palti in 2000 and is headquartered in St. Helier, Jersey.
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