Novocure downgraded to Neutral after study failure at H.C. Wainwright

H.C. Wainwright analyst Emily Bodnar downgraded Novocure to Neutral from Buy with a price target of $25, down from $85. The company announced the INNOVATE-3 study demonstrated no added survival benefit of tumor treating fields to paclitaxel versus paclitaxel alone in ovarian cancer, the analyst tells investors in a research note. The firm says moving forward with patients with a maximum of five prior lines of therapy would require further studies, which would “significantly delay a potential launch and would lead to a limited patient population.” As such, H.C. Wainwright removed ovarian cancer sales from its model and downgraded Novocure.