NovoCure LimitedNASDAQ: NVCR

NovoCure (NVCR) reported a quarterly loss of $0.36 per share, beating the Zacks Consensus Estimate of a loss of $0.43. This is an improvement from the loss of $0.50 per share reported a year ago.

NovoCure (NVCR) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).

Novocure announced encouraging results from a phase 3 study of its TTFields therapy in treating brain metastases. The therapy previously failed to reach a primary endpoint in a separate study for treating platinum-resistant ovarian cancer.

Novocure announced results from a phase 3 study of its TTFields therapy in treating brain metastases. Patients treated with TTFields experienced a significant improvement in the median time to intracranial progression.

NovoCure (NVCR) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock suggests that there could be more strength down the road.

Novocure (NASDAQ:NVCR) shares soared on Wednesday as the oncology firm revealed its investigational medical device slowed the spread of cancer to the brain in patients with lung cancer during a late-stage trial. The Phase 3 METIS trial evaluated NovoCure's Tumor Treating Fields (TTFields) therapy - a device that uses electric fields that exert physical forces to kill cancer cells via various mechanisms - in combination with supportive care in patients with 1 to 10 brain metastasis from non-small cell lung cancer following stereotactic radiosurgery.

The mean of analysts' price targets for NovoCure (NVCR) points to a 63.5% upside in the stock. While this highly sought-after metric has not proven reasonably effective, strong agreement among analysts in raising earnings estimates does indicate an upside in the stock.

NovoCure (NVCR) came out with a quarterly loss of $0.45 per share versus the Zacks Consensus Estimate of a loss of $0.53. This compares to loss of $0.36 per share a year ago.

NovoCure (NVCR) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.