Novocure price target raised to $28 from $25 at Piper Sandler

Piper Sandler analyst Jason Bednar raised the firm’s price target on Novocure to $28 from $25 and keeps an Overweight rating on the shares. The firm notes shares of Novocure have been languishing in a depressed trading range for the past six months despite a recent string of events that have leaned more positive vs. negative. While Piper doesn’t see the stock shaking the daily volatility or the sharp price movements on clinical data updates, it does believe there’s a strong case for positive P&L and pipeline updates that could take shares higher over the next year, and it does think Novocure offers the best opportunity in the firm’s coverage for a doubling from current levels.