NovoCure’s (NVCR) Neutral Rating Reiterated at Wedbush

NovoCure (NASDAQ:NVCR)‘s stock had its “neutral” rating reissued by investment analysts at Wedbush in a research report issued to clients and investors on Monday,RTT News reports. They presently have a $29.00 target price on the medical equipment provider’s stock. Wedbush’s price target points to a potential upside of 5.92% from the stock’s current price.

NVCR has been the topic of a number of other reports. HC Wainwright reissued a “buy” rating and set a $38.00 price target (up from $30.00) on shares of NovoCure in a report on Monday, December 2nd. Piper Sandler raised their price objective on NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, Evercore ISI raised NovoCure from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $18.00 to $30.00 in a research note on Monday, December 2nd. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, NovoCure presently has an average rating of “Moderate Buy” and a consensus target price of $32.67.

NovoCure Stock Performance

NVCR traded down $0.07 during trading hours on Monday, hitting $27.38. 1,826,364 shares of the stock were exchanged, compared to its average volume of 1,181,809. The stock has a 50-day simple moving average of $25.11 and a 200-day simple moving average of $20.22. NovoCure has a 12 month low of $11.70 and a 12 month high of $34.13. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of -19.56 and a beta of 0.64. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44.

NovoCure (NASDAQ:NVCR) last issued its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.06. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The firm had revenue of $155.10 million for the quarter, compared to analyst estimates of $143.95 million. During the same period last year, the company earned ($0.46) earnings per share. The firm’s revenue for the quarter was up 21.8% on a year-over-year basis. Analysts anticipate that NovoCure will post -1.32 earnings per share for the current year.

Institutional Trading of NovoCure

Several institutional investors have recently bought and sold shares of NVCR. Rhumbline Advisers raised its position in shares of NovoCure by 33.1% during the second quarter. Rhumbline Advisers now owns 150,119 shares of the medical equipment provider’s stock worth $2,572,000 after acquiring an additional 37,364 shares during the last quarter. Arizona State Retirement System boosted its position in shares of NovoCure by 2.1% during the second quarter. Arizona State Retirement System now owns 28,481 shares of the medical equipment provider’s stock worth $488,000 after buying an additional 581 shares during the period. Choreo LLC acquired a new position in shares of NovoCure during the second quarter worth about $192,000. State of New Jersey Common Pension Fund D acquired a new position in NovoCure during the second quarter valued at approximately $1,447,000. Finally, Federated Hermes Inc. raised its stake in NovoCure by 5.8% in the second quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock valued at $12,726,000 after buying an additional 40,870 shares during the period. Institutional investors and hedge funds 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.