Piper Sandler Boosts NovoCure (NASDAQ:NVCR) Price Target to $42.00

NovoCure (NASDAQ:NVCR) had its target price boosted by analysts at Piper Sandler from $28.00 to $42.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the medical equipment provider’s stock. Piper Sandler’s price objective would indicate a potential upside of 39.72% from the company’s previous close.

NVCR has been the subject of a number of other research reports. HC Wainwright reissued a “buy” rating and issued a $38.00 price objective (up previously from $30.00) on shares of NovoCure in a report on Monday, December 2nd. Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and increased their price target for the company from $18.00 to $30.00 in a research note on Monday, December 2nd. Finally, Wedbush reaffirmed a “neutral” rating and set a $29.00 price target (up previously from $24.00) on shares of NovoCure in a research report on Monday, December 2nd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.67.

NovoCure Trading Down 3.4 %

NVCR opened at $30.06 on Friday. The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of -21.47 and a beta of 0.75. The company’s 50 day simple moving average is $18.80 and its two-hundred day simple moving average is $18.78. NovoCure has a 1-year low of $11.70 and a 1-year high of $32.60. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. The firm had revenue of $155.10 million for the quarter, compared to the consensus estimate of $143.95 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The firm’s revenue was up 21.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.46) earnings per share. Analysts expect that NovoCure will post -1.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

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.