Novocure downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Larry Biegelsen downgraded Novocure to Equal Weight from Overweight with a price target of $107, up from $89. The analyst says his positive thesis on the shares has played out. The shares have rallied since the positive results from Novocure’s LUNAR lung-cancer study, which is a "huge win" and should bode well for the company’s longer-term outlook, Biegelsen tells investors in a research note. However, in the near-term, debate on the details of the trial and commercial uptake may limit any further share gains, says the analyst.