NovoCure (NASDAQ:NVCR) Shares Pass Above 50 Day Moving Average – Here’s What Happened

NovoCure Limited (NASDAQ:NVCR)’s stock price crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $26.75 and traded as high as $27.11. NovoCure shares last traded at $26.33, with a volume of 834,531 shares trading hands.

Analyst Ratings Changes

A number of analysts recently issued reports on NVCR shares. Wedbush reissued a “neutral” rating and set a $29.00 target price on shares of NovoCure in a research note on Monday, January 13th. HC Wainwright restated a “buy” rating and set a $38.00 price objective on shares of NovoCure in a report on Tuesday, January 14th. Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $18.00 to $30.00 in a research note on Monday, December 2nd. Finally, Piper Sandler boosted their price target on NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.67.

NovoCure Stock Performance

The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27. The business has a 50-day moving average of $26.96 and a 200-day moving average of $20.84.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.06. The firm had revenue of $155.10 million for the quarter, compared to analyst estimates of $143.95 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The business’s quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.46) EPS. On average, analysts anticipate that NovoCure Limited will post -1.3 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NVCR. Canada Pension Plan Investment Board lifted its holdings in NovoCure by 248.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 17,400 shares of the medical equipment provider’s stock valued at $298,000 after purchasing an additional 12,400 shares during the last quarter. Thrivent Financial for Lutherans acquired a new stake in shares of NovoCure during the 2nd quarter worth about $626,000. Ensign Peak Advisors Inc grew its stake in NovoCure by 6.5% in the 2nd quarter. Ensign Peak Advisors Inc now owns 39,137 shares of the medical equipment provider’s stock valued at $670,000 after buying an additional 2,400 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in NovoCure in the 2nd quarter valued at about $34,000. Finally, AQR Capital Management LLC lifted its position in NovoCure by 234.2% during the second quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock worth $7,391,000 after acquiring an additional 302,351 shares during 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.