Mizuho analyst Difei Yang views yesterday's post-earnings selloff in shares of Novocure as "way overdone." The company's Q3 results were in-line with expectations and the investor reaction was overly focused on negative quarter-over-quarter U.S. prescription growth, Yang tells investors in a research note. The analyst points out that active patients on Optune continued to grow during the quarter, although at a smaller pace in the U.S. She lowered her price target for the shares to $51 from $58 and reiterates a Buy rating on Novocure.

Novocure announced the results of the METIS phase 3 clinical trial in brain metastases from non-small cell lung cancer will be presented at the 2024 American Society of Clinical Oncology Annual Meeting in Chicago, to be held from May 31 to June 4. METIS was a randomized phase 3 clinical trial of stereotactic radiosurgery with or without Tumor Treating Fields therapy for patients with 1-10 brain metastases from NSCLC. In March, Novocure announced METIS met its primary endpoint, demonstrating a statistically significant improvement in time to intracranial progression for adult patients with Tumor Treating Fields therapy and supportive care compared to supportive care alone. "We are honored to present the results of the METIS clinical trial as a late-breaking abstract this year at ASCO, the largest global oncology conference," said Asaf Danziger, Novocure's CEO. "Patients with brain metastases from non-small cell lung cancer need more treatment options. The METIS trial demonstrated that TTFields Therapy delayed intracranial progression while preserving neurological function, which is critical for these underserved patients. We look forward to robust discussion around the positive results of the METIS clinical trial, as well as other TTFields therapy program updates at ASCO 2024."