Novocure had a meltdown earlier this month when they released their LUNAR study in non-small cell lung cancer. To me, the market's reaction to the study's results was a bit of a surprise.

The LUNAR study showed that Novocure's Thyroid transcription factor-1 (TTF) technology could significantly improve overall survival in patients with advanced non-small cell lung cancer. However, the study's design didn't exactly match how non-small cell lung cancer is currently treated, and many clinicians are saying they simply want more information before they adopt the technology.

As a result, I believe that the commercial ramp for TTF in lung cancer is likely to be very slow. While I still believe in the technology, I think it's prudent to wait for more data before investing more in the company.

In the meantime, Novocure has a lot more going on. The company is also conducting a pivotal study in ovarian cancer, and I have every reason to believe that these results will be positive. However, I am personally waiting for these results before doubling down on my position.

Overall, I'm still bullish on Novocure, but I'm not adding more. I'll be closely watching the results of the INNOVATE-3 trial in ovarian cancer, and I'll update our investment thesis accordingly.