NovoCure (NASDAQ:NVCR) Rating Reiterated by Wedbush

NovoCure (NASDAQ:NVCR)‘s stock had its “outperform” rating reissued by research analysts at Wedbush in a research note issued to investors on Thursday, RTT News reports. They presently have a $24.00 target price on the medical equipment provider’s stock. Wedbush’s price target suggests a potential upside of 28.69% from the company’s previous close.

Several other research firms also recently weighed in on NVCR. Wells Fargo & Company dropped their target price on NovoCure from $49.00 to $42.00 and set an “overweight” rating for the company in a research report on Wednesday, April 3rd. Evercore ISI lifted their target price on NovoCure from $14.50 to $20.00 and gave the company an “in-line” rating in a research report on Tuesday, July 2nd. Piper Sandler reaffirmed an “overweight” rating and issued a $28.00 target price (up from $25.00) on shares of NovoCure in a research report on Wednesday, April 10th. Finally, HC Wainwright reissued a “neutral” rating and set a $22.00 price objective on shares of NovoCure in a research report on Tuesday, June 4th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, NovoCure currently has a consensus rating of “Moderate Buy” and an average target price of $31.88.

NovoCure Trading Down 0.7 %

NVCR traded down $0.14 on Thursday, hitting $18.65. The company had a trading volume of 2,048,093 shares, compared to its average volume of 1,410,709. The firm has a market cap of $2.01 billion, a P/E ratio of -10.30 and a beta of 0.70. NovoCure has a 1 year low of $10.87 and a 1 year high of $41.51. The company’s fifty day moving average price is $19.97 and its 200 day moving average price is $16.49. The company has a current ratio of 6.26, a quick ratio of 5.99 and a debt-to-equity ratio of 1.59.

NovoCure (NASDAQ:NVCR) last released its earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.07. The company had revenue of $138.50 million during the quarter, compared to the consensus estimate of $131.44 million. NovoCure had a negative return on equity of 50.35% and a negative net margin of 36.67%. NovoCure’s revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.50) EPS. As a group, equities analysts expect that NovoCure will post -1.59 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

Several institutional investors have recently added to or reduced their stakes in NVCR. Norges Bank purchased a new stake in NovoCure during the fourth quarter worth approximately $14,543,000. Federated Hermes Inc. lifted its stake in NovoCure by 807.8% during the fourth quarter. Federated Hermes Inc. now owns 616,792 shares of the medical equipment provider’s stock worth $9,209,000 after purchasing an additional 548,852 shares during the last quarter. Invenomic Capital Management LP purchased a new stake in NovoCure during the fourth quarter worth approximately $6,479,000. Jacobs Levy Equity Management Inc. lifted its stake in NovoCure by 305.6% during the first quarter. Jacobs Levy Equity Management Inc. now owns 475,226 shares of the medical equipment provider’s stock worth $7,428,000 after purchasing an additional 358,062 shares during the last quarter. Finally, C WorldWide Group Holding A S lifted its stake in NovoCure by 135.3% during the fourth quarter. C WorldWide Group Holding A S now owns 521,784 shares of the medical equipment provider’s stock worth $7,790,000 after purchasing an additional 300,000 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

About NovoCure

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) devices for the treatment of solid tumor cancers in the United States, Germany, Japan, Greater China, and internationally. The company's TTFields devices include Optune Gio and Optune Lua.