Shares of tumor-treating fields devices developer, NovoCure Limited (NASDAQ:NVCR), are down today despite expectations for positive Phase three results for its LUNAR study. The reason for this drop is due to a downgrade from Piper Sandler analyst Jason Bednar, who changed his stance from Buy to Hold.
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Jason Bednar is concerned about how NovoCure will advance its candidate toward commercialization. As a result, his price target has been lowered to $70 per share from $90 per share.
Is NVCR Stock a Good Buy?
Overall, NVCR stock has a Moderate Buy consensus rating based on three Buys, one Hold, and one Sell assigned in the past three months. The average NVCR stock price target of $87.80 implies 36.4% upside potential.
