FY2024 Earnings Forecast for NovoCure Issued By Wedbush

NovoCure Limited (NASDAQ:NVCR) – Stock analysts at Wedbush boosted their FY2024 earnings per share (EPS) estimates for shares of NovoCure in a research report issued on Monday, January 13th. Wedbush analyst D. Nierengarten now forecasts that the medical equipment provider will post earnings of ($1.22) per share for the year, up from their previous forecast of ($1.26). Wedbush currently has a “Neutral” rating and a $29.00 price target on the stock. The consensus estimate for NovoCure’s current full-year earnings is ($1.32) per share. Wedbush also issued estimates for NovoCure’s Q4 2024 earnings at ($0.27) EPS, Q1 2025 earnings at ($0.32) EPS, Q2 2025 earnings at ($0.35) EPS, Q3 2025 earnings at ($0.38) EPS, Q4 2025 earnings at ($0.39) EPS, FY2025 earnings at ($1.45) EPS, FY2026 earnings at ($1.38) EPS and FY2027 earnings at ($1.08) EPS.

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

NovoCure Trading Up 0.5 %

Shares of NASDAQ NVCR opened at $26.35 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. The firm has a fifty day moving average of $25.52 and a 200 day moving average of $20.35. NovoCure has a one year low of $11.70 and a one year high of $34.13.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $143.95 million. During the same period in the previous year, the business earned ($0.46) earnings per share. The business’s revenue was up 21.8% compared to the same quarter last year.

Institutional Trading of NovoCure

Several large investors have recently bought and sold shares of NVCR. Franklin Resources Inc. lifted its stake in NovoCure by 222.6% in the 3rd quarter. Franklin Resources Inc. now owns 180,853 shares of the medical equipment provider’s stock worth $2,904,000 after purchasing an additional 124,793 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of NovoCure in the third quarter valued at approximately $346,000. Geode Capital Management LLC increased its holdings in shares of NovoCure by 1.3% in the third quarter. Geode Capital Management LLC now owns 2,405,257 shares of the medical equipment provider’s stock valued at $37,601,000 after purchasing an additional 29,871 shares during the last quarter. Renaissance Technologies LLC lifted its position in NovoCure by 171.9% during the second quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock worth $13,022,000 after buying an additional 480,600 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in NovoCure by 234.2% during the second quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock worth $7,391,000 after buying an additional 302,351 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.