Novocure upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst Jason Bednar upgraded Novocure to Overweight from Neutral with an unchanged price target of $45. The “overwhelming pressure” on the shares has pushed the stock to levels where the risk/reward is “simply too attractive to remain on the sidelines” ahead of the soon-to-be-released Phase 3 data in recurrent ovarian cancer, the analyst tells investors in a research note. The firm sees “reasons to be upbeat” on INNOVATE-3 data and likes the potential for shares to move higher from current levels.