Novocure Ltd (NVCR) Receives Average Rating of “Buy” from Analysts
Novocure Ltd (NASDAQ:NVCR) has been given a consensus rating of “Buy” by the ten brokerages that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $22.14.
A number of equities research analysts recently weighed in on the company. Mizuho restated a “buy” rating and set a $25.00 price objective on shares of Novocure in a research note on Friday, December 1st. Zacks Investment Research raised Novocure from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Tuesday, October 31st. ValuEngine raised Novocure from a “sell” rating to a “hold” rating in a research report on Sunday, December 31st. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Novocure in a research report on Monday, November 20th. Finally, Wedbush reaffirmed an “outperform” rating and set a $25.00 target price (down from $29.00) on shares of Novocure in a research report on Friday, October 27th.
Shares of Novocure (NASDAQ:NVCR) opened at $22.15 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 5.30 and a current ratio of 5.90. The firm has a market capitalization of $1,980.00 and a price-to-earnings ratio of -26.69. Novocure has a 12 month low of $6.00 and a 12 month high of $22.90.
Novocure (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, October 26th. The medical equipment provider reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.07. The firm had revenue of $50.10 million during the quarter, compared to analysts’ expectations of $43.45 million. Novocure had a negative return on equity of 57.68% and a negative net margin of 47.45%. The firm’s quarterly revenue was up 130.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.39) EPS. analysts anticipate that Novocure will post -0.65 earnings per share for the current fiscal year.
In other news, insider Yoram Palti sold 30,000 shares of the stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $17.13, for a total value of $513,900.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Asaf Danziger sold 15,866 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $22.01, for a total value of $349,210.66. Following the completion of the transaction, the chief executive officer now directly owns 774,040 shares in the company, valued at $17,036,620.40. The disclosure for this sale can be found here. Insiders have sold a total of 286,281 shares of company stock worth $5,918,695 over the last ninety days. 16.70% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in NVCR. Russell Investments Group Ltd. acquired a new position in shares of Novocure in the second quarter valued at about $362,000. Schwab Charles Investment Management Inc. increased its holdings in shares of Novocure by 23.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 97,000 shares of the medical equipment provider’s stock valued at $1,679,000 after purchasing an additional 18,400 shares during the period. Rhumbline Advisers increased its holdings in shares of Novocure by 20.5% in the second quarter. Rhumbline Advisers now owns 65,094 shares of the medical equipment provider’s stock valued at $1,126,000 after purchasing an additional 11,056 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Novocure by 15.4% in the second quarter. Bank of New York Mellon Corp now owns 200,307 shares of the medical equipment provider’s stock valued at $3,465,000 after purchasing an additional 26,784 shares during the period. Finally, Legal & General Group Plc increased its holdings in shares of Novocure by 8.5% in the second quarter. Legal & General Group Plc now owns 13,866 shares of the medical equipment provider’s stock valued at $238,000 after purchasing an additional 1,092 shares during the period. 41.53% of the stock is currently owned by institutional investors and hedge funds.
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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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