NovoCure (NASDAQ:NVCR) Receives Outperform Rating from Wedbush

Wedbush restated their outperform rating on shares of NovoCure (NASDAQ:NVCR) in a research note published on Thursday morning, Marketbeat reports. The brokerage currently has a $24.00 price objective on the medical equipment provider’s stock.

Several other research analysts have also recently issued reports on the stock. Piper Sandler reiterated an overweight rating and issued a $28.00 price objective (up from $25.00) on shares of NovoCure in a report 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 research note on Tuesday, July 2nd. HC Wainwright reissued a neutral rating and issued a $22.00 price objective on shares of NovoCure in a research note on Tuesday, June 4th. Finally, Wells Fargo & Company decreased their target price on NovoCure from $49.00 to $42.00 and set an overweight rating for the company in a research note on Wednesday, April 3rd. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $31.88.

NovoCure Trading Up 2.0 %

Shares of NVCR stock opened at $19.02 on Thursday. NovoCure has a 1 year low of $10.87 and a 1 year high of $41.51. The firm has a market capitalization of $2.05 billion, a PE ratio of -10.51 and a beta of 0.70. The stock has a fifty day moving average of $19.84 and a two-hundred day moving average of $16.56. The company has a debt-to-equity ratio of 1.59, a quick ratio of 5.99 and a current ratio of 6.26.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data 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 analysts’ expectations of $135.83 million. NovoCure had a negative net margin of 30.67% and a negative return on equity of 45.37%. The company’s revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.54) earnings per share. As a group, research analysts expect that NovoCure will post -1.59 EPS for the current year.

Hedge Funds Weigh In On NovoCure

Institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of NovoCure in the fourth quarter worth approximately $14,543,000. Federated Hermes Inc. boosted 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 purchasing an additional 548,852 shares during the period. Invenomic Capital Management LP purchased a new position in NovoCure during the 4th quarter worth approximately $6,479,000. Jacobs Levy Equity Management Inc. raised its stake in NovoCure by 305.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 475,226 shares of the medical equipment provider’s stock valued at $7,428,000 after purchasing an additional 358,062 shares during the period. Finally, C WorldWide Group Holding A S lifted its holdings in shares of NovoCure by 135.3% in the fourth 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. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.