NovoCure (NASDAQ:NVCR) Price Target Raised to $24.00 at HC Wainwright

NovoCure (NASDAQ:NVCR) had its target price lifted by research analysts at HC Wainwright from $22.00 to $24.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the medical equipment provider’s stock. HC Wainwright’s price target indicates a potential upside of 28.69% from the stock’s previous close.

A number of other research analysts have also recently commented on the stock. Evercore ISI increased their price target on shares of 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 set a $28.00 target price (up previously from $25.00) on shares of NovoCure in a report on Wednesday, April 10th. Wells Fargo & Company lowered their price target on shares of NovoCure from $49.00 to $42.00 and set an “overweight” rating for the company in a research note on Wednesday, April 3rd. Finally, Wedbush reaffirmed an “outperform” rating and set a $24.00 price objective on shares of NovoCure in a research note on Thursday. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.13.

NovoCure Price Performance

Shares of NASDAQ:NVCR opened at $18.65 on Friday. The company’s fifty day moving average price is $19.90 and its 200-day moving average price is $16.50. The company has a debt-to-equity ratio of 1.59, a current ratio of 6.26 and a quick ratio of 5.99. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -10.30 and a beta of 0.70. NovoCure has a one year low of $10.87 and a one year high of $41.51.

NovoCure (NASDAQ:NVCR) last released its earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.09. NovoCure had a negative return on equity of 50.35% and a negative net margin of 36.67%. The business had revenue of $150.40 million for the quarter, compared to analysts’ expectations of $135.83 million. During the same quarter in the prior year, the firm earned ($0.54) earnings per share. The firm’s revenue was up 19.3% on a year-over-year basis. On average, equities research analysts anticipate that NovoCure will post -1.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NVCR. China Universal Asset Management Co. Ltd. lifted its stake in NovoCure by 351.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,363 shares of the medical equipment provider’s stock worth $185,000 after acquiring an additional 9,624 shares during the period. Taylor Frigon Capital Management LLC boosted its stake in shares of NovoCure by 5.9% during the 4th quarter. Taylor Frigon Capital Management LLC now owns 96,857 shares of the medical equipment provider’s stock valued at $1,446,000 after purchasing an additional 5,422 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of NovoCure by 27.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,335 shares of the medical equipment provider’s stock valued at $348,000 after buying an additional 4,982 shares during the period. Federated Hermes Inc. raised its stake in NovoCure by 807.8% in the fourth quarter. Federated Hermes Inc. now owns 616,792 shares of the medical equipment provider’s stock worth $9,209,000 after buying an additional 548,852 shares in the last quarter. Finally, Semanteon Capital Management LP purchased a new stake in NovoCure in the fourth quarter worth about $731,000. 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.