H.C. Wainwright has raised its price target for NovoCure Ltd. (NASDAQ: NVCR) to $47.00 from $39.00 and left its Buy recommendation intact, highlighting the impact of recent regulatory progress on the company’s valuation. The new target implies substantial upside relative to the stock's most recent trading level of $10.50, which sits close to its 52-week low of $9.82.
The firm's reassessment follows the U.S. Food and Drug Administration's approval of Optune Pax for the treatment of locally advanced pancreatic cancer when used together with gemcitabine and nab-paclitaxel. H.C. Wainwright noted the clearance arrived ahead of its prior expectations - the approval had been anticipated in the second quarter of 2026 - which effectively gives NovoCure an additional quarter to prepare for product launch and to begin reimbursement discussions.
The regulatory nod for Optune Pax was supported by data from the PANOVA-3 study, a randomized trial that enrolled 571 patients. The trial compared outcomes for patients receiving Optune Pax plus gemcitabine and nab-paclitaxel against those receiving gemcitabine and nab-paclitaxel alone.
In updating its financial model, H.C. Wainwright increased the probability of commercial success for Optune Pax in pancreatic cancer from 70% to 100% in light of the approval. The firm also implemented modest upward adjustments to its 2026 cost of goods sold and selling, general and administrative expense estimates to reflect inventory accumulation and other launch-related investments.
Market consensus data shows a moderately bullish analyst backdrop, with InvestingPro targets ranging from $13.50 to $39.00. H.C. Wainwright’s new target therefore sits above the analyst range cited by that data set.
Separately, NovoCure disclosed preliminary unaudited revenue for the full year 2025 of $655.4 million, an increase of 8% versus the prior year. Fourth-quarter revenue totaled $174.4 million, with U.S. sales accounting for $101.6 million of that quarterly total.
Not all recent developments have been straightforward. The Centers for Medicare & Medicaid Services revoked NovoCure’s billing privileges, a move the company attributed to an administrative matter tied to its triannual re-validation process. The revocation represents a regulatory-administrative complication distinct from the FDA approval.
On the analyst front, Piper Sandler has continued to rate NovoCure Overweight, describing a "soft reset" in strategy under new CEO Frank Leonard. Prior to the price-target increase, H.C. Wainwright had reiterated a Buy rating with a $39.00 target following the company’s preliminary financial results - a point that sits alongside the firm’s latest, higher valuation.
Summary
H.C. Wainwright raised its NovoCure price target to $47 and moved to 100% probability of success for Optune Pax in pancreatic cancer after FDA approval, while modestly increasing 2026 COGS and SG&A estimates for launch-related spending. NovoCure reported preliminary 2025 revenue of $655.4 million and faces an administrative revocation of CMS billing privileges.
Key details
- Price target raised to $47.00 from $39.00 by H.C. Wainwright; Buy rating maintained.
- FDA approved Optune Pax for locally advanced pancreatic cancer in combination with gemcitabine and nab-paclitaxel, based on the PANOVA-3 trial of 571 randomized patients.
- Preliminary unaudited 2025 revenue was $655.4 million, up 8% year-over-year; Q4 revenue was $174.4 million, including $101.6 million in the U.S.
Context and implications
The earlier-than-expected approval shifts the company’s launch timeline, providing extra time for commercialization and reimbursement planning. H.C. Wainwright’s model changes reflect that timing benefit and the need for upfront inventory and launch spending, while current market pricing leaves substantial upside versus the new target.