NovoCure (NASDAQ:NVCR) Given New $40.00 Price Target at Wells Fargo & Company

NovoCure (NASDAQ:NVCR) had its price target decreased by investment analysts at Wells Fargo & Company from $42.00 to $40.00 in a report released on Friday, Benzinga reports. The firm currently has an “overweight” rating on the medical equipment provider’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 114.48% from the stock’s previous close.

A number of other research firms have also commented on NVCR. Wedbush reaffirmed an “outperform” rating and issued a $24.00 price target on shares of NovoCure in a report on Thursday. Evercore ISI raised their target price on NovoCure from $14.50 to $20.00 and gave the stock an “in-line” rating in a research note on Tuesday, July 2nd. HC Wainwright lifted their target price on NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a report on Friday. Finally, Piper Sandler reissued an “overweight” rating and issued a $28.00 price target (up from $25.00) on shares of NovoCure in a report on Wednesday, April 10th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, NovoCure has an average rating of “Moderate Buy” and a consensus price target of $31.88.

NovoCure Trading Down 0.7 %

Shares of NovoCure stock opened at $18.65 on Friday. The stock has a market capitalization of $2.01 billion, a P/E ratio of -10.30 and a beta of 0.70. NovoCure has a 52-week low of $10.87 and a 52-week high of $41.51. The company has a debt-to-equity ratio of 1.59, a quick ratio of 5.99 and a current ratio of 6.26. The stock’s 50-day simple moving average is $19.90 and its 200 day simple moving average is $16.50.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.09. The company had revenue of $150.40 million for the quarter, compared to analyst estimates of $135.83 million. NovoCure had a negative net margin of 36.67% and a negative return on equity of 50.35%. The company’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.54) earnings per share. As a group, research analysts anticipate that NovoCure will post -1.59 EPS for the current year.

Institutional Trading of NovoCure

Institutional investors and hedge funds have recently modified their holdings of the business. Fifth Third Bancorp bought a new position in shares of NovoCure in the second quarter worth approximately $43,000. GAMMA Investing LLC lifted its position in NovoCure by 278.0% during the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock valued at $45,000 after purchasing an additional 2,118 shares during the last quarter. Nisa Investment Advisors LLC purchased a new position in NovoCure in the 2nd quarter worth approximately $48,000. Versant Capital Management Inc increased its holdings in shares of NovoCure by 2,917.0% in the 2nd quarter. Versant Capital Management Inc now owns 3,017 shares of the medical equipment provider’s stock worth $52,000 after buying an additional 2,917 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its position in shares of NovoCure by 1,113.7% during the 1st quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider’s stock valued at $80,000 after buying an additional 4,700 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

NovoCure Company Profile

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.