Summary

• NovoCure Limited remains a hold after disappointing Phase 3 TRIDENT trial results, capping near-term upside and label expansion in glioblastoma.
• NVCR's TTFields platform sustains double-digit revenue growth and high gross margins, supported by a growing global patient base and a healthy balance sheet.
• The TRIDENT trial's failure to show incremental survival benefit resets growth expectations, shifting the narrative from pipeline-driven upside to execution on existing indications.
• At 2x sales, NVCR trades at a steep discount to historical multiples, reflecting skepticism on reacceleration and a more balanced risk/reward profile.

Thesis

Recently, we’ve seen NovoCure Limited (NVCR) announce Phase 3 topline results from the TRIDENT trial. And with disappointing data here, I now feel the hold case for NovoCure rests on a mix of durable

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