Novocure upgraded to Overweight into lung cancer study at Wells Fargo

Wells Fargo analyst Larry Biegelsen upgraded Novocure to Overweight from Equal Weight with a price target of $89, up from $74. The analyst sees a positive risk/reward into the LUNAR non-small cell lung cancer trial, which is expected in early 2023. If the LUNAR top-line is positive, it should be a positive read-through to the rest of Novocure’s pipeline, Biegelsen tells investors in a research note. The analyst says the company’s clinical milestones over the coming 12-18 months represent important stock catalysts, even if it may take several years for revenue to ramp up.