NovoCure Limited (NASDAQ:NVCR – Get Free Report)’s stock price gapped down prior to trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $49.00 to $42.00. The stock had previously closed at $14.39, but opened at $14.08. Wells Fargo & Company currently has an overweight rating on the stock. NovoCure shares last traded at $14.21, with a volume of 77,702 shares traded.
A number of other brokerages have also recently issued reports on NVCR. Evercore ISI raised their target price on shares of NovoCure from $14.00 to $15.00 and gave the stock an “in-line” rating in a report on Friday, February 23rd. Wedbush reaffirmed a “neutral” rating and set a $21.00 price target on shares of NovoCure in a report on Wednesday, March 27th. JPMorgan Chase & Co. lifted their price target on NovoCure from $15.00 to $17.00 and gave the company a “neutral” rating in a report on Tuesday, March 19th. Finally, HC Wainwright lifted their price target on NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a report on Wednesday, March 27th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $33.25.
Insider Buying and Selling
In other NovoCure news, EVP Frank X. Leonard sold 2,078 shares of NovoCure stock in a transaction that occurred 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 transaction, the executive vice president now owns 162,617 shares in the company, valued at $2,624,638.38. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $16.03, for a total transaction of $33,775.21. Following the transaction, the chief operating officer now directly owns 252,452 shares in the company, valued at approximately $4,046,805.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Frank X. Leonard sold 2,078 shares of NovoCure stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $16.14, for a total transaction of $33,538.92. Following the sale, the executive vice president now directly owns 162,617 shares of the company’s stock, valued at approximately $2,624,638.38. The disclosure for this sale can be found here. Insiders have sold a total of 7,921 shares of company stock valued at $127,161 over the last quarter. Corporate insiders own 5.67% of the company’s stock.
Hedge Funds Weigh In On NovoCure
Several hedge funds and other institutional investors have recently made changes to their positions in the company. UniSuper Management Pty Ltd acquired a new position in NovoCure during the 2nd quarter worth approximately $29,000. Captrust Financial Advisors increased its position in NovoCure by 47.0% during the 2nd quarter. Captrust Financial Advisors now owns 1,292 shares of the medical equipment provider’s stock worth $90,000 after purchasing an additional 413 shares in the last quarter. Lazard Asset Management LLC increased its position in NovoCure by 166.3% during the 1st quarter. Lazard Asset Management LLC now owns 1,350 shares of the medical equipment provider’s stock worth $111,000 after purchasing an additional 843 shares in the last quarter. UMB Bank n.a. acquired a new position in NovoCure during the 3rd quarter worth approximately $26,000. Finally, EP Wealth Advisors LLC acquired a new position in NovoCure during the 1st quarter worth approximately $211,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.
NovoCure Stock Performance
The stock’s 50-day moving average is $15.03 and its 200-day moving average is $14.29. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of -7.39 and a beta of 0.42. The company has a current ratio of 5.78, a quick ratio of 5.56 and a debt-to-equity ratio of 1.57.
NovoCure (NASDAQ:NVCR – Get Free Report) last released its quarterly earnings data on Thursday, February 22nd. The medical equipment provider reported ($0.45) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.08. NovoCure had a negative net margin of 40.65% and a negative return on equity of 51.63%. The business had revenue of $133.80 million during the quarter, compared to analysts’ expectations of $133.80 million. During the same period in the prior year, the company earned ($0.36) EPS. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, analysts predict that NovoCure Limited will post -1.73 EPS for the current fiscal year.
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.