Wells Fargo analyst Larry Biegelsen lowered the firm’s price target on Novocure to $49 from $102 and keeps an Overweight rating on the shares. The firm notes Novocure disclosed the Phase 3 ovarian trial, INNOVATE-3, did not show a benefit for its TTF. While disappointing, Wells believes the upcoming brain metastases and pancreatic cancer trials represent potential upside.
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