Novocure (NASDAQ:NVCR) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Saturday, October 27th.
Several other equities analysts have also issued reports on the company. Wedbush lifted their price target on Novocure from $55.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday, October 26th. ValuEngine lowered Novocure from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 19th. Mizuho restated a “buy” rating and set a $58.00 price objective on shares of Novocure in a research report on Friday, October 19th. Zacks Investment Research upgraded Novocure from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research report on Tuesday, October 9th. Finally, Deutsche Bank set a $44.00 target price on Novocure and gave the stock a “hold” rating in a report on Thursday, September 20th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $48.00.
Shares of NASDAQ NVCR opened at $28.75 on Friday. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of -40.98 and a beta of 3.74. The company has a quick ratio of 5.72, a current ratio of 6.17 and a debt-to-equity ratio of 1.30. Novocure has a fifty-two week low of $18.00 and a fifty-two week high of $53.70.
In other news, CFO Wilhelmus Cm Groenhuysen sold 31,179 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $37.67, for a total value of $1,174,512.93. Following the transaction, the chief financial officer now directly owns 72,671 shares of the company’s stock, valued at approximately $2,737,516.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Yoram Palti sold 12,216 shares of the company’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $40.00, for a total value of $488,640.00. The disclosure for this sale can be found here. Insiders sold a total of 130,182 shares of company stock worth $5,135,758 over the last three months. 15.30% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada increased its holdings in Novocure by 6.5% during the 1st quarter. Royal Bank of Canada now owns 115,102 shares of the medical equipment provider’s stock worth $2,509,000 after purchasing an additional 7,067 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Novocure by 10.1% in the first quarter. Principal Financial Group Inc. now owns 44,849 shares of the medical equipment provider’s stock valued at $978,000 after acquiring an additional 4,106 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Novocure in the second quarter valued at approximately $643,000. Bank of Montreal Can grew its holdings in shares of Novocure by 32.7% in the second quarter. Bank of Montreal Can now owns 9,379 shares of the medical equipment provider’s stock valued at $293,000 after acquiring an additional 2,310 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of Novocure by 1,058.5% in the second quarter. SG Americas Securities LLC now owns 68,455 shares of the medical equipment provider’s stock valued at $2,143,000 after acquiring an additional 62,546 shares in the last quarter. 57.26% of the stock is currently owned by institutional investors and hedge funds.
Novocure Ltd. operates as an oncology company. It enages in developing its propriety technoclogy, Tumor Treating Fields, which uses electric fields tuned to specific frequencies to disrupt cancer cell division, inhibiting tumor growth, and causing affected cancer cells to die. The company was founded by Yoram Palti in 2000 and is headquartered in St.
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