Novocure Ltd. (NASDAQ:NVCR), a cancer therapy company yesterday announced that the FDA approved its second generation Optune system. The new Optune system is a lightner Tumor Treating Fields delivery system for glioblastoma (GBM) patients.
NovoCure Limited CEO and CFO Comments
We are happy to receive FDA approval of our second generation Optune system,” said Asaf Danziger, Novocure’s Chief Executive Officer. “We believe the improvements incorporated into the second generation Optune system will make a big difference to the patients and families who face this devastating disease every day. We will continue to work to improve our technology and patient experience.
“From the start, Novocure’s mission has been to improve the lives of cancer patients,” said Mike Ambrogi, Novocure’s Chief Operating Officer. “The second generation Optune system was designed to be more convenient and to make it even easier for patients to incorporate treatment with TTFields into their lives. We have received positive feedback from our second generation Optune patients in Europe, and we are excited to roll out our new device to patients in the United States. Business Wire
NVCR Technical Analysis
NVCR opened trading yesterday at $12.25 which was up from the previous days trading of $12.20. NVCR closed trading yesterday at $11.96 and spiked down after market to $12.65, equivalent to a 6% increase from the closing price. Taking a look at the daily chart we can see the last time NVCR traded above these levels was on June 10th when it traded at $13.41. Taking a closer look at the daily chart we can see that NVCR has been on an overall downward trend dating back to March 7th when it traded of $17.40. NVCR has a float of 35.76 million shares and traded below the normal daily trading volume on Wednesday. For trading purposes, I would like to see NVCR open trading on Thursday above $12.40 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.20 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
NovoCure Limited, incorporated on February 11, 2000, is a commercial-stage oncology company. The Company is engaged in developing a therapy called TTFields for the treatment of solid tumor cancers. TTFields is a low-toxicity anti-mitotic treatment that uses low-intensity, intermediate frequency, alternating electric fields to exert physical forces on molecules inside cancer cells, disrupting the basic machinery for normal cell division, leading to cancer cell death. A TTFields delivery system includes a portable electric field generator, transducer arrays, rechargeable batteries and accessories. The electric fields are delivered through the non-invasive, insulated transducer arrays that are placed directly on the skin in the region surrounding the tumor. The therapy is designed to be delivered throughout the day and night. The Company has performed various pre-clinical research on TTFields and their effects in multiple solid tumor cancers. It is engaged in Phase II pilot and Phase III pivotal trials across multiple solid tumor types for TTFields. The Company has trained physicians at approximately 240 clinical centers in the United States; at over 60 clinical centers in Europe, including approximately 50 in Germany, and at over 60 clinical centers in Japan.