NovoCure’s (NVCR) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of NovoCure (NASDAQ:NVCR) in a research report released on Thursday,Benzinga reports. They currently have a $30.00 target price on the medical equipment provider’s stock.

Other analysts have also recently issued research reports about the stock. Evercore ISI dropped their target price on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a research report on Tuesday, October 1st. Wells Fargo & Company decreased their price target on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, July 26th. Finally, Wedbush reissued an “outperform” rating and issued a $24.00 price target on shares of NovoCure in a report on Thursday, July 25th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, NovoCure has an average rating of “Moderate Buy” and an average price target of $26.17.

NovoCure Stock Performance

Shares of NovoCure stock opened at $17.09 on Thursday. The firm has a fifty day moving average of $16.52 and a two-hundred day moving average of $18.31. The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of -12.21 and a beta of 0.71. NovoCure has a 52 week low of $11.29 and a 52 week high of $24.74. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49.

NovoCure (NASDAQ:NVCR) last issued its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.06. The company had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The business’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.46) EPS. As a group, equities research analysts predict that NovoCure will post -1.31 EPS for the current year.

Hedge Funds Weigh In On NovoCure

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ridgewood Investments LLC acquired a new position in shares of NovoCure during the 2nd quarter worth about $28,000. Signaturefd LLC boosted its stake in shares of NovoCure by 61.7% during the 2nd quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 627 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of NovoCure during the 2nd quarter worth about $34,000. Fifth Third Bancorp acquired a new position in shares of NovoCure during the 2nd quarter worth about $43,000. Finally, Brooklyn Investment Group acquired a new position in shares of NovoCure during the 3rd quarter worth about $45,000. 84.61% of the stock is 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.