NovoCure (NASDAQ:NVCR) Rating Reiterated by Wedbush

NovoCure (NASDAQ:NVCR)‘s stock had its “neutral” rating reissued by equities researchers at Wedbush in a research note issued on Thursday, RTT News reports. They currently have a $21.00 price target on the medical equipment provider’s stock. Wedbush’s price objective would indicate a potential upside of 42.08% from the company’s previous close.

A number of other research analysts also recently weighed in on the company. HC Wainwright cut their price objective on NovoCure from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday. Piper Sandler restated an “overweight” rating and set a $28.00 target price (up previously from $25.00) on shares of NovoCure in a research report on Wednesday, April 10th. Wells Fargo & Company decreased their target price on NovoCure from $49.00 to $42.00 and set an “overweight” rating for the company in a research note on Wednesday, April 3rd. Evercore ISI increased their price target on NovoCure from $14.00 to $15.00 and gave the company an “in-line” rating in a research report on Friday, February 23rd. Finally, JPMorgan Chase & Co. lifted their price target on NovoCure from $15.00 to $17.00 and gave the stock a “neutral” rating in a report on Tuesday, March 19th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.88.

NovoCure Stock Up 4.2 %

Shares of NovoCure stock traded up $0.59 on Thursday, hitting $14.78. 1,145,704 shares of the company’s stock traded hands, compared to its average volume of 1,092,427. The stock has a market cap of $1.59 billion, a P/E ratio of -8.17 and a beta of 0.50. The company has a quick ratio of 5.56, a current ratio of 5.78 and a debt-to-equity ratio of 1.57. The firm’s 50-day moving average is $14.21 and its 200 day moving average is $13.87. NovoCure has a 52-week low of $10.87 and a 52-week high of $83.60.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.07. The business had revenue of $138.50 million during the quarter, compared to analyst estimates of $131.44 million. NovoCure had a negative return on equity of 49.34% and a negative net margin of 36.67%. NovoCure’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.50) EPS. Equities analysts anticipate that NovoCure will post -1.78 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Frank X. Leonard sold 1,679 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $16.03, for a total transaction of $26,914.37. Following the sale, the executive vice president now owns 160,938 shares in the company, valued at $2,579,836.14. The transaction was disclosed in a filing with the SEC, which is available at this link. In other NovoCure news, EVP Frank X. Leonard sold 2,078 shares of NovoCure stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $16.14, for a total value of $33,538.92. Following the completion of the transaction, the executive vice president now owns 162,617 shares of the company’s stock, valued at $2,624,638.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Frank X. Leonard sold 1,679 shares of NovoCure stock in a transaction on Friday, March 1st. The shares were sold at an average price of $16.03, for a total transaction of $26,914.37. Following the completion of the transaction, the executive vice president now directly owns 160,938 shares of the company’s stock, valued at approximately $2,579,836.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,921 shares of company stock worth $127,161. 5.67% of the stock is currently owned by company insiders.

Institutional Trading of NovoCure

Several large investors have recently bought and sold shares of the business. Van ECK Associates Corp boosted its stake in shares of NovoCure by 6.8% in the third quarter. Van ECK Associates Corp now owns 15,073 shares of the medical equipment provider’s stock valued at $243,000 after purchasing an additional 959 shares during the period. Amalgamated Bank lifted its holdings in NovoCure by 4.7% in the third quarter. Amalgamated Bank now owns 23,847 shares of the medical equipment provider’s stock valued at $385,000 after acquiring an additional 1,072 shares during the period. China Universal Asset Management Co. Ltd. raised its stake in shares of NovoCure by 96.8% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,739 shares of the medical equipment provider’s stock worth $44,000 after buying an additional 1,347 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of NovoCure by 36.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,522 shares of the medical equipment provider’s stock worth $89,000 after buying an additional 1,461 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of NovoCure by 6.3% during the 3rd quarter. Principal Financial Group Inc. now owns 26,092 shares of the medical equipment provider’s stock worth $421,000 after buying an additional 1,539 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.