NovoCure’s (NVCR) “Neutral” Rating Reaffirmed at Wedbush

Wedbush restated their neutral rating on shares of NovoCure (NASDAQ:NVCR) in a research note published on Thursday, RTT News reports. They currently have a $21.00 price target on the medical equipment provider’s stock.

Several other equities analysts have also weighed in on the stock. HC Wainwright dropped their price objective on shares of NovoCure from $24.00 to $22.00 and set a neutral rating on the stock in a research report on Thursday. Piper Sandler reissued an overweight rating and issued a $28.00 price target (up from $25.00) on shares of NovoCure in a report on Wednesday, April 10th. Wells Fargo & Company reduced their price objective on NovoCure from $49.00 to $42.00 and set an overweight rating for the company in a report on Wednesday, April 3rd. Evercore ISI increased their target price on NovoCure from $14.00 to $15.00 and gave the stock an in-line rating in a research note 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 assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $30.88.

NovoCure Stock Performance

NASDAQ:NVCR traded up $0.59 during mid-day trading on Thursday, hitting $14.78. The stock had a trading volume of 1,145,704 shares, compared to its average volume of 1,092,427. The company’s 50 day simple moving average is $14.21 and its 200 day simple moving average is $13.87. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -8.17 and a beta of 0.50. The company has a debt-to-equity ratio of 1.57, a quick ratio of 5.56 and a current ratio of 5.78. NovoCure has a twelve month low of $10.87 and a twelve month high of $83.60.

NovoCure (NASDAQ:NVCR) last issued its earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.43) by $0.07. NovoCure had a negative return on equity of 49.34% and a negative net margin of 36.67%. The company had revenue of $138.50 million during the quarter, compared to the consensus estimate of $131.44 million. During the same period in the previous year, the company posted ($0.50) EPS. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, equities research analysts forecast that NovoCure will post -1.78 earnings per share for the current year.

Insider Transactions at NovoCure

In other news, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $16.03, for a total value of $33,775.21. Following the completion of the transaction, the chief operating officer now directly owns 252,452 shares in the company, valued at approximately $4,046,805.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Frank X. Leonard sold 1,679 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $16.03, for a total value of $26,914.37. Following the completion of the transaction, the executive vice president now owns 160,938 shares of the company’s stock, valued at $2,579,836.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the firm’s 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 $33,775.21. Following the completion of the sale, the chief operating officer now owns 252,452 shares in the company, valued at $4,046,805.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,921 shares of company stock valued at $127,161. 5.67% of the stock is owned by corporate insiders.

Institutional Trading of NovoCure

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of NovoCure by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 9,759,098 shares of the medical equipment provider’s stock valued at $145,703,000 after acquiring an additional 122,105 shares during the last quarter. Norges Bank bought a new position in NovoCure in the fourth quarter valued at about $14,543,000. Palo Alto Investors LP boosted its stake in shares of NovoCure by 14.2% during the third quarter. Palo Alto Investors LP now owns 660,275 shares of the medical equipment provider’s stock valued at $10,663,000 after purchasing an additional 82,157 shares in the last quarter. Federated Hermes Inc. grew its holdings 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 worth $9,209,000 after purchasing an additional 548,852 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in NovoCure by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 551,775 shares of the medical equipment provider’s stock valued at $8,238,000 after buying an additional 10,510 shares during the last quarter. Institutional investors and hedge funds 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.