Wells Fargo & Company Trims NovoCure (NASDAQ:NVCR) Target Price to $40.00

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

NVCR has been the subject of several other research reports. Piper Sandler reiterated an “overweight” rating and set a $28.00 price target (up previously from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. Evercore ISI increased their price target on NovoCure from $14.50 to $20.00 and gave the company an “in-line” rating in a report on Tuesday, July 2nd. Wedbush restated an “outperform” rating and issued a $24.00 price objective on shares of NovoCure in a research note on Thursday. Finally, HC Wainwright raised their target price on shares of NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $31.88.

NovoCure Price Performance

Shares of NVCR opened at $18.65 on Friday. 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 firm has a market cap of $2.01 billion, a PE ratio of -10.30 and a beta of 0.70. The firm’s 50 day moving average price is $19.90 and its 200 day moving average price is $16.50. NovoCure has a twelve month low of $10.87 and a twelve month high of $41.51.

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

Hedge Funds Weigh In On NovoCure

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its holdings in NovoCure by 278.0% in the 1st 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 period. AdvisorNet Financial Inc raised its position in shares of NovoCure by 45.5% during the second quarter. AdvisorNet Financial Inc now owns 8,000 shares of the medical equipment provider’s stock valued at $137,000 after buying an additional 2,500 shares during the last quarter. Fifth Third Bancorp bought a new stake in shares of NovoCure in the second quarter valued at about $43,000. Nisa Investment Advisors LLC acquired a new stake in NovoCure during the second quarter worth about $48,000. Finally, Versant Capital Management Inc increased its stake in NovoCure by 2,917.0% during the second quarter. Versant Capital Management Inc now owns 3,017 shares of the medical equipment provider’s stock valued at $52,000 after acquiring an additional 2,917 shares during the period. 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.