Novocure initiated with an Outperform at SVB Securities

SVB Securities analyst Jonathan Chang initiated coverage of Novocure with an Outperform rating and $51 price target. Novocure is a commercial-stage oncology company with a platform technology called tumor treating fields, the analyst tells investors in a research note. The firm believes the company’s glioblastoma business “represents a floor for the stock,” while the three more Phase III study results expected over the next 18 months could provide upside.