Novocure Ltd. Stock Surges Nearly 50% After Positive Late-stage Trial Results In Brain Cancer

Novocure Ltd. shares surged 49.4% in morning trade Monday after the company said its late-stage clinical trial in newly diagnosed glioblastoma showed positive results. Novocure found that the two-year survival rate for patients improved from 30% to 43% after its drug Optune was added to standard temozolomide chemotherapy, and the five-year survival rate increased from 5% to 13%. Glioblastoma is a common type of brain cancer -- about 12,500 people are diagnosed with it in the U.S. each year, according to Novocure -- and is considered extremely aggressive. Novocure described its results, which were presented at the American Association for Cancer Research Annual Meeting in Washington, D.C. on Sunday, as "the best results reported for newly diagnosed GBM patients in a phase 3 trial to date" and said they represented "clinically meaningful increases in landmark survival." Shares of the United Kingdom-based biotech company were valued at $12.30 as of midday Monday. The stock has surged 56.7% over the last three months, compared with a 4.1% rise in the S&P 500 .