NovoCure (NVCR) has drawn attention after a prolonged share price slump, with negative returns over the past year and the past 3 months prompting investors to reassess how its current valuation lines up with its oncology device business.

The recent 7 day share price return of 18.23% decline and 30 day share price return of 29.34% decline add to a year long total shareholder return of 54.43% decline. This points to fading momentum as investors reassess NovoCure's risks and future potential around its tumor treating fields portfolio.

If this cancer care story has you rethinking where growth might come from next, take a look at our screener of 26 healthcare AI stocks for more potential opportunities in medical technology.

With NVCR trading at US$10.14 and an indicated intrinsic discount of about 91%, plus a value score of 5, the key question is whether this weakness signals an undervalued cancer device specialist or if the market is already pricing in all future growth.

Most Popular Narrative: 57.9% Undervalued

With NovoCure last closing at $10.14 against a narrative fair value of $24.07, the current share price sits well below that commonly referenced estimate.

Validation of TTFields therapy in multiple new indications, such as pancreatic cancer (PANOVA-3) and brain metastases from non-small cell lung cancer (METIS), positions NovoCure for potential regulatory approvals and large market expansion beginning in 2026, likely driving topline revenue growth as global cancer incidence rises in the aging population.

Curious how this growth story translates into that fair value number? Revenue build, margin shift, and a future earnings multiple all play key roles. The full narrative connects those moving parts.

Result: Fair Value of $24.07 (UNDERVALUED)

However, this story can change quickly if TTFields adoption stalls or if reimbursement approvals remain patchy, which could keep revenues uneven and losses elevated.

Build Your Own NovoCure Narrative

If this story does not quite fit how you see NovoCure, or you prefer to lean on your own research and assumptions, you can build and customize a full narrative for the company yourself in just a few minutes: Do it your way.

A great starting point for your NovoCure research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.