Wells Fargo downgrades Novocure after ‘disappointing’ Q2

Wells Fargo downgraded Novocure (NVCR) to Equal Weight from Overweight with a price target of $14.50, down from $40. The company reported “disappointing” Q2 results, including softer glioblastoma scripts outside the U.S. and a slow ramp in lung cancer, the analyst tells investors in a research note. Meanwhile, the pact from yhr PANOVA-3 and METIS studies are more than 12 months out, the firm adds. Wells is positive on Optune longer term but does not catalysts to drive share outperformance over the next year.