NovoCure (NASDAQ:NVCR) Rating Reiterated by Wedbush

NovoCure (NASDAQ:NVCR)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a research note issued to investors on Thursday, RTT News reports. They presently have a $24.00 target price on the medical equipment provider’s stock. Wedbush’s target price would suggest a potential upside of 28.69% from the stock’s current price.

Other analysts have also issued research reports about the stock. HC Wainwright reiterated a “neutral” rating and set a $22.00 price target on shares of NovoCure in a research report on Tuesday, June 4th. Wells Fargo & Company dropped 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. Piper Sandler reissued an “overweight” rating and set a $28.00 target price (up previously from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. Finally, Evercore ISI lifted their price target on shares of NovoCure from $14.50 to $20.00 and gave the company an “in-line” rating in a research note on Tuesday, July 2nd. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, NovoCure currently has an average rating of “Moderate Buy” and a consensus target price of $31.88.

NovoCure Stock Performance

NovoCure stock traded down $0.14 during trading hours on Thursday, hitting $18.65. The company had a trading volume of 2,048,093 shares, compared to its average volume of 1,410,709. The firm has a market cap of $2.01 billion, a PE ratio of -10.30 and a beta of 0.70. The company has a debt-to-equity ratio of 1.59, a current ratio of 6.26 and a quick ratio of 5.99. NovoCure has a one year low of $10.87 and a one year high of $41.51. The firm has a 50-day moving average of $19.97 and a 200 day moving average of $16.49.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.07. NovoCure had a negative net margin of 36.67% and a negative return on equity of 50.35%. The firm had revenue of $138.50 million for the quarter, compared to analyst estimates of $131.44 million. During the same quarter in the prior year, the business posted ($0.50) EPS. The business’s revenue was up 13.3% compared to the same quarter last year. On average, sell-side analysts expect that NovoCure will post -1.59 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in NovoCure during the fourth quarter worth about $14,543,000. Federated Hermes Inc. grew its stake in NovoCure by 807.8% in the 4th 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. Invenomic Capital Management LP purchased a new position in NovoCure in the 4th quarter worth approximately $6,479,000. Jacobs Levy Equity Management Inc. grew its stake in NovoCure by 305.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 475,226 shares of the medical equipment provider’s stock worth $7,428,000 after buying an additional 358,062 shares in the last quarter. Finally, C WorldWide Group Holding A S boosted its stake in shares of NovoCure by 135.3% in the 4th quarter. C WorldWide Group Holding A S now owns 521,784 shares of the medical equipment provider’s stock valued at $7,790,000 after purchasing an additional 300,000 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

NovoCure Company Profile

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.