NovoCure’s (NVCR) “Neutral” Rating Reiterated at Wedbush

Wedbush reissued their neutral rating on shares of NovoCure (NASDAQ:NVCR) in a research note issued to investors on Tuesday,RTT News reports. They currently have a $18.00 price target on the medical equipment provider’s stock.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company reissued an “equal weight” rating and issued a $14.50 target price (down previously from $40.00) on shares of NovoCure in a report on Friday, July 25th. Piper Sandler reaffirmed an “overweight” rating and issued a $34.00 target price on shares of NovoCure in a report on Friday, June 27th. Finally, LADENBURG THALM/SH SH started coverage on NovoCure in a research note on Tuesday, July 8th. They set a “buy” rating and a $30.00 price target for the company. Four investment analysts have rated the stock with a Buy rating and three have given a Hold 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 price target of $27.50.

NovoCure Stock Performance

Shares of NVCR opened at $14.05 on Tuesday. The business has a 50-day simple moving average of $12.18 and a two-hundred day simple moving average of $15.63. The company has a quick ratio of 1.39, a current ratio of 1.45 and a debt-to-equity ratio of 0.28. NovoCure has a 52 week low of $10.87 and a 52 week high of $34.13. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of -9.01 and a beta of 0.75.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Thursday, July 24th. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.03. NovoCure had a negative return on equity of 47.74% and a negative net margin of 27.13%.The company had revenue of $158.80 million during the quarter, compared to the consensus estimate of $153.87 million. During the same period in the previous year, the company posted ($0.31) EPS. The firm’s revenue was up 5.6% on a year-over-year basis. On average, analysts expect that NovoCure will post -1.3 EPS for the current year.

Insider Buying and Selling at NovoCure

In other news, CFO Christoph Brackmann bought 20,000 shares of NovoCure stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average price of $11.59 per share, with a total value of $231,800.00. Following the completion of the purchase, the chief financial officer owned 141,150 shares in the company, valued at $1,635,928.50. The trade was a 16.51% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ashley Cordova bought 81,550 shares of the stock in a transaction dated Friday, September 5th. The stock was purchased at an average price of $12.22 per share, with a total value of $996,541.00. Following the acquisition, the chief executive officer directly owned 437,569 shares in the company, valued at approximately $5,347,093.18. The trade was a 22.91% increase in their position. The disclosure for this purchase can be found here. 5.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of NovoCure by 17.1% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,307 shares of the medical equipment provider’s stock worth $77,000 after acquiring an additional 629 shares during the last quarter. KLP Kapitalforvaltning AS lifted its position in shares of NovoCure by 6.5% during the second quarter. KLP Kapitalforvaltning AS now owns 23,000 shares of the medical equipment provider’s stock worth $409,000 after purchasing an additional 1,400 shares during the last quarter. AdvisorNet Financial Inc boosted its stake in shares of NovoCure by 16.7% during the first quarter. AdvisorNet Financial Inc now owns 10,466 shares of the medical equipment provider’s stock valued at $187,000 after purchasing an additional 1,500 shares during the period. Rhumbline Advisers grew its holdings in shares of NovoCure by 1.2% in the second quarter. Rhumbline Advisers now owns 152,749 shares of the medical equipment provider’s stock worth $2,719,000 after purchasing an additional 1,797 shares during the last quarter. Finally, Choreo LLC increased its stake in NovoCure by 15.0% in the 2nd quarter. Choreo LLC now owns 15,247 shares of the medical equipment provider’s stock worth $271,000 after buying an additional 1,994 shares during the period. 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.