NovoCure (NASDAQ:NVCR) Shares Up 6.5% – Time to Buy?

NovoCure Limited (NASDAQ:NVCR)’s stock price was up 6.5% on Tuesday . The company traded as high as $17.81 and last traded at $17.99. Approximately 376,758 shares changed hands during trading, a decline of 68% from the average daily volume of 1,164,039 shares. The stock had previously closed at $16.90.

Analysts Set New Price Targets

NVCR has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their target price on shares of NovoCure from $29.00 to $28.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Wall Street Zen cut NovoCure from a “hold” rating to a “sell” rating in a research report on Friday, April 25th. Wedbush reduced their target price on NovoCure from $29.00 to $27.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Finally, Piper Sandler decreased their price target on NovoCure from $42.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, NovoCure has an average rating of “Hold” and a consensus target price of $32.83.

NovoCure Stock Performance

The firm has a market cap of $2.09 billion, a P/E ratio of -13.38 and a beta of 0.74. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49. The business’s 50-day simple moving average is $17.34 and its 200 day simple moving average is $21.94.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, April 24th. The medical equipment provider reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.47) by $0.16. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The firm had revenue of $154.99 million for the quarter, compared to the consensus estimate of $147.57 million. During the same quarter last year, the company earned ($0.36) earnings per share. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. As a group, equities analysts predict that NovoCure Limited will post -1.3 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Choreo LLC acquired a new stake in NovoCure during the fourth quarter valued at $251,000. Blue Trust Inc. boosted its stake in NovoCure by 70.7% during the fourth quarter. Blue Trust Inc. now owns 1,886 shares of the medical equipment provider’s stock worth $56,000 after buying an additional 781 shares during the last quarter. Rhumbline Advisers grew its holdings in NovoCure by 2.2% in the 4th quarter. Rhumbline Advisers now owns 145,469 shares of the medical equipment provider’s stock valued at $4,335,000 after buying an additional 3,115 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of NovoCure during the 4th quarter worth $272,000. Finally, Truist Financial Corp acquired a new position in shares of NovoCure during the 4th quarter valued at about $340,000. 84.61% of the stock is currently owned by institutional investors.

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.