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Novocure’s lung cancer treatment hit its primary goal in a late-stage study
The shares of Novocure Ltd (NASDAQ:NVCR) are up 46% to trade at $103.72, following news that the company’s experimental lung cancer therapy hit its main goal in a late-stage trial. Novocure expects to file for a premarket approval application with the U.S. Food and Drug Administration (FDA) by the second half of 2023.
The stock suffered a slight loss in 2022, shedding 2.3%. NVCR is poised to open at levels not seen since November 2021. Analysts are split on the equity, so maybe this news could lead to some upgrades down the road. Of the eight in coverage, four say “strong buy,” and four say “hold” or worse.”
Meanwhile, short interest is in decline, but an additional unwinding could create more tailwinds. The shares sold short fell by 5.3% in the last reporting period, and now make up 7.4% of the stock’s available float, or nearly three week’s worth of pent-up buying power.
Short-term options players, meanwhile, have rarely been more put-biased. This is because the equity’s Schaeffer’s put/call open interest ratio (SOIR) of 1.24 sits in the 87th percentile of its annual range, leaving room for an unraveling of pessimism here as well.
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Image and article originally from www.schaeffersresearch.com. Read the original article here.