Shares of Novocure Ltd (NASDAQ:NVCR) have surged over 50% in an otherwise down day for the broader market after the biotech announced positive test results from the company’s phase 3 pivotal EF-14 study. According to the company, landmark analyses showed a ‘consistent and maintained improvement in overall survival at two, three, four and five years’ for the treatment of newly diagnosed gliobastoma when adding Optune to the current standard of care chemotherapy, temozolomide. The 2 year survival rate increased 30-43% for patients who took Optune with temozolomide versus patients taking temozolomide alone. The five year survival rate rose 5-13%.
CEO Asaf Danziger said,
“These data further support our belief that Optune plus temozolomide is an essential combination treatment for patients with newly diagnosed GBM. The efficacy shown in EF-14 for GBM gives us hope that TTFields used in combination other cancer treatments may increase survival without significantly increasing side effects for a variety of solid tumors.”
What Does The Smart Money Sentiment Say?
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Not many elite funds owned Novocure Ltd (NASDAQ:NVCR) in the fourth quarter. Of the 742 elite funds we track, 7 funds owned $58.68 million of Novocure Ltd (NASDAQ:NVCR) and accounted for 8.60% of the float on December 31, versus 8 funds and $44.67 million respectively on September 30.
The Bottom Line
Although Optune is approved for the treatment of adult patients with glioblastoma, traders liked the data presented from the phase 3 trial and Novocure Ltd (NASDAQ:NVCR) shares have popped due to bullish study results. For further reading, check out the 10 largest pharmaceutical companies in the world.