Novocure price target raised to $140 from $100 at H.C. Wainwright

H.C. Wainwright analyst Emily Bodnar raised the firm’s price target on Novocure to $140 from $100 and keeps a Buy rating on the shares after the company announced that the Phase 3 LUNAR study met its primary endpoint by demonstrating a statistically significant improvement in overall survival in testing in second-line metastatic non-small cell lung cancer, or NSCLC, patients. Given the positive LUNAR data, she is raising her view on the odds of success for second-line NSCLC to 90% from 25% and Bodnar also believes the LUNAR win increases the odds of success for Novocure’s other Phase 3 programs, she tells investors.