TRIDENT Misses the Mark

Research evidence excerpt

TRIDENT Misses the Mark

Quick Note

June 18, 2026 NovoCure (NVCR)

Rating: TRIDENT Misses the MarkNEUTRAL

Price:

$17.85 The TRIDENT study evaluating earlier initiation of TTFields therapy in newly

12-Month Price Target: diagnosed glioblastoma compared to the standard maintenance start failed its

$18.00 overall survival endpoint. Median OS was 17.7 months in the early-start arm

compared to 17.5 months in the maintenance-start arm (HR=0.95; p=0.519). One-,

two-, and three-year survival rates were 70.9%, 33.9% and 22.5% in the early-

Analysts start arm compared to 72.0%, 31.6% and 18.4% in the maintenance-start arm,

David Nierengarten, Ph.D. respectively. Additional data will be presented at ASTRO 2026 during September

(415) 274-6862 26-30. With an important GBM growth catalyst now removed, we continue toDavid.Nierengarten@wedbush.com

expect low-to-mid single-digit active patient growth in mature markets, partiallyDennis Pak

(415) 263-6647 offset by stronger growth in newer international markets. Looking ahead, our

Dennis.Pak@wedbush.com focus remains on the pancreatic cancer launch. Early Optune Pax metrics appear

Martin Fan, Ph.D. encouraging, with 169 prescriptions received and 83 active patients on therapy

(213) 688-3404 in 1Q26 during the first seven weeks following FDA approval. However, we would

Martin.Fan@wedbush.com like to see several additional quarters of launch execution before becoming more

constructive on the opportunity and continue to expect reimbursement dynamics

to limit the near-term revenue contribution.

We reiterate our NEUTRAL rating and maintain our $18 PT. Our sum-of-parts

valuation is based on a 3× multiple (a blended peer group) to ww 2026E Optune

sales in GBM + 8× 2026E ZLAB royalties + a pipeline valuation that includes an 8×