NovoCure Limited (NVCR) Lowered to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of NovoCure Limited (NASDAQ:NVCR) from a buy rating to a hold rating in a research note released on Friday morning.
According to Zacks, “NovoCure Limited is an oncology company. The Company is engaged in developing a therapy called Tumor Treating Fields for the treatment of solid tumor cancers. It operates primarily in the United States, Germany, Switzerland and Japan. NovoCure Limited is based in Saint Helier, Channel Islands. “
Several other equities research analysts have also issued reports on NVCR. Deutsche Bank AG reaffirmed a hold rating and set a $19.00 price target (up previously from $18.00) on shares of NovoCure Limited in a research note on Monday, July 17th. BidaskClub downgraded NovoCure Limited from a strong-buy rating to a buy rating in a report on Wednesday, July 19th. Mizuho began coverage on NovoCure Limited in a report on Wednesday, September 6th. They issued a buy rating and a $25.00 price objective on the stock. Finally, Wedbush reiterated an outperform rating and issued a $25.00 price objective (down previously from $29.00) on shares of NovoCure Limited in a report on Friday, October 27th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. NovoCure Limited currently has a consensus rating of Buy and an average price target of $21.00.
Shares of NovoCure Limited (NVCR) opened at $17.05 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 5.90 and a quick ratio of 5.30. NovoCure Limited has a 52 week low of $6.00 and a 52 week high of $22.30.
NovoCure Limited (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported ($0.13) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.07. NovoCure Limited had a negative return on equity of 57.68% and a negative net margin of 47.45%. The firm had revenue of $50.10 million during the quarter, compared to analyst estimates of $43.45 million. During the same quarter in the previous year, the company posted ($0.39) earnings per share. The company’s revenue was up 130.9% compared to the same quarter last year. equities research analysts anticipate that NovoCure Limited will post -0.63 earnings per share for the current fiscal year.
In other NovoCure Limited news, insider Yoram Palti sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $21.06, for a total transaction of $1,263,600.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Asaf Danziger sold 35,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $22.01, for a total value of $781,355.00. Following the completion of the sale, the chief executive officer now directly owns 776,862 shares in the company, valued at $17,098,732.62. The disclosure for this sale can be found here. Insiders have sold a total of 269,953 shares of company stock worth $5,764,863 in the last quarter. Company insiders own 16.70% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of NVCR. Bank of Montreal Can boosted its position in shares of NovoCure Limited by 1,919.7% in the 2nd quarter. Bank of Montreal Can now owns 7,069 shares of the medical equipment provider’s stock worth $122,000 after purchasing an additional 6,719 shares in the last quarter. BNP Paribas Arbitrage SA lifted its position in NovoCure Limited by 792.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,229 shares of the medical equipment provider’s stock valued at $125,000 after acquiring an additional 6,419 shares in the last quarter. Nisa Investment Advisors LLC bought a new position in NovoCure Limited in the 2nd quarter valued at approximately $126,000. Trexquant Investment LP bought a new position in NovoCure Limited in the 3rd quarter valued at approximately $212,000. Finally, Fox Run Management L.L.C. bought a new position in NovoCure Limited in the 2nd quarter valued at approximately $225,000. 36.21% of the stock is currently owned by hedge funds and other institutional investors.
About NovoCure Limited
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.
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