Biotech and Pharma

Novocure shares skyrocket 50 percent after positive trial results

Source: Novocure

Shares of Novocure catapulted up as high as 50 percent on Monday after the company announced positive test results from experimental cancer treatment.

The stock closed Monday up 37 percent at $11.10, up from its Friday closing price of $8.10 a share.

The cancer research and treatment company has been experimenting with proprietary cancer therapies that utilize electrical fields. Novocure said that results from its phase 3 pivotal EF-14 trial showed a consistent and maintained improvement in overall survival at two-to-five year marks.

The trial added Novocure's Optune treatment to standard temozolomide chemotherapy to treat newly diagnosed Glioblastoma, a common form of brain cancer.

The announcement was originally made during an annual meeting of the American Association for Cancer Research on Sunday.

Novocure 5-day performance