NovoCure Limited (NASDAQ:NVCR – Get Free Report)’s stock price traded down 3.9% during trading on Friday after Wells Fargo & Company lowered their price target on the stock from $42.00 to $40.00. Wells Fargo & Company currently has an overweight rating on the stock. NovoCure traded as low as $17.85 and last traded at $17.93. 153,518 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 1,401,677 shares. The stock had previously closed at $18.65.
NVCR has been the topic of several other research reports. Evercore ISI lifted their price objective on NovoCure from $14.50 to $20.00 and gave the stock an “in-line” rating in a report on Tuesday, July 2nd. HC Wainwright lifted their price target on NovoCure from $22.00 to $24.00 and gave the stock a “neutral” rating in a research note on Friday. Wedbush reissued an “outperform” rating and set a $24.00 price objective on shares of NovoCure in a research note on Thursday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $28.00 target price (up from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.88.
Institutional Trading of NovoCure
Several large investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of NovoCure in the 4th quarter worth about $14,543,000. Federated Hermes Inc. increased its position in shares of NovoCure by 807.8% during the fourth quarter. Federated Hermes Inc. now owns 616,792 shares of the medical equipment provider’s stock valued at $9,209,000 after buying an additional 548,852 shares during the period. Invenomic Capital Management LP bought a new position in NovoCure in the fourth quarter worth about $6,479,000. Jacobs Levy Equity Management Inc. lifted its holdings in NovoCure by 305.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 475,226 shares of the medical equipment provider’s stock worth $7,428,000 after buying an additional 358,062 shares during the period. Finally, C WorldWide Group Holding A S boosted its position in NovoCure by 135.3% during the 4th quarter. C WorldWide Group Holding A S now owns 521,784 shares of the medical equipment provider’s stock valued at $7,790,000 after acquiring an additional 300,000 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.
NovoCure Price Performance
The stock has a market cap of $2.05 billion, a PE ratio of -10.26 and a beta of 0.70. The business has a fifty day simple moving average of $19.90 and a two-hundred day simple moving average of $16.50. The company has a current ratio of 6.26, a quick ratio of 5.99 and a debt-to-equity ratio of 1.59.
NovoCure (NASDAQ:NVCR – Get Free Report) last issued its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.09. NovoCure had a negative return on equity of 50.35% and a negative net margin of 36.67%. The company had revenue of $150.40 million for the quarter, compared to analysts’ expectations of $135.83 million. During the same period in the prior year, the firm earned ($0.54) earnings per share. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. Research analysts forecast that NovoCure Limited will post -1.59 earnings per share for the current year.
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.