JPMorgan Chase & Co. Cuts NovoCure (NASDAQ:NVCR) Price Target to $23.00

NovoCure (NASDAQ:NVCR) had its target price reduced by JPMorgan Chase & Co. from $25.00 to $23.00 in a report issued on Monday,Benzinga reports. They currently have a neutral rating on the medical equipment provider’s stock.

A number of other research firms have also weighed in on NVCR. Weiss Ratings reissued a “sell (e+)” rating on shares of NovoCure in a research report on Wednesday, October 8th. Wells Fargo & Company reissued an “equal weight” rating and set a $14.50 target price (down previously from $40.00) on shares of NovoCure in a research report on Friday, July 25th. LADENBURG THALM/SH SH began coverage on shares of NovoCure in a report on Tuesday, July 8th. They set a “buy” rating and a $30.00 price objective on the stock. Finally, Wedbush restated a “neutral” rating and set a $18.00 price objective on shares of NovoCure in a report on Tuesday, September 30th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, NovoCure presently has a consensus rating of “Hold” and an average price target of $26.79.

NovoCure Trading Up 0.8%

NASDAQ NVCR opened at $13.48 on Monday. NovoCure has a twelve month low of $10.87 and a twelve month high of $34.13. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.39 and a current ratio of 1.45. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of -8.64 and a beta of 0.75. The firm’s 50 day moving average price is $13.08 and its two-hundred day moving average price is $15.09.

Insider Transactions at NovoCure

In other NovoCure news, CEO Ashley Cordova purchased 81,550 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The stock was purchased at an average price of $12.22 per share, with a total value of $996,541.00. Following the completion of the transaction, the chief executive officer directly owned 437,569 shares of the company’s stock, valued at approximately $5,347,093.18. This trade represents a 22.91% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 5.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On NovoCure

Large investors have recently modified their holdings of the stock. Inscription Capital LLC lifted its holdings in NovoCure by 79.6% in the third quarter. Inscription Capital LLC now owns 35,372 shares of the medical equipment provider’s stock valued at $457,000 after buying an additional 15,681 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in NovoCure in the third quarter valued at approximately $157,000. Washington Capital Management Inc. lifted its holdings in NovoCure by 47.6% in the third quarter. Washington Capital Management Inc. now owns 31,000 shares of the medical equipment provider’s stock valued at $401,000 after buying an additional 10,000 shares during the period. SG Americas Securities LLC acquired a new position in NovoCure in the third quarter valued at approximately $358,000. Finally, Hennion & Walsh Asset Management Inc. lifted its holdings in NovoCure by 69.9% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 41,330 shares of the medical equipment provider’s stock valued at $534,000 after buying an additional 17,010 shares during the period. 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.