Shares of health equipment provider NovoCure (NASDAQ:NVCR) are galloping today after the company and its partner Zai Lab (NASDAQ:ZLAB) announced that LUNAR, a study of tumor treating fields (TTFields), achieved its primary endpoint.
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The study evaluated TTFields in combination with standard therapies versus standard therapies alone for the treatment of non-small cell lung cancer (NSCLC).
The study evaluated the safety and efficacy of the combination in stage 4 NSCLC and demonstrated a statistically significant and clinically meaningful improvement in the overall survival of subjects.
Importantly, the last Phase 3 study to indicate a substantial improvement in overall survival for NSCLC was six years ago. With these results, TTFileds could meet a significant market need. In China alone, about 700,000 new NSCLC cases are detected each year.
Now, NVCR plans to file a premarket approval application with the U.S. Food and Drug Administration in H2 2023. Moreover, the company also anticipates filing for a CE mark in Europe simultaneously as well.
NVCR shares have now gained nearly 34.5% over the past month alone. At present, the consensus rating for NVCR remains a Moderate Sell alongside an average price target of $81.50. ZLAB shares too have gained nearly 38% over the past month.
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