NovoCure (NASDAQ:NVCR – Free Report) had its price objective raised by HC Wainwright from $22.00 to $24.00 in a research note issued to investors on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the medical equipment provider’s stock.
NVCR has been the topic of a number of other reports. Wedbush reiterated an outperform rating and set a $24.00 price target on shares of NovoCure in a research note on Thursday, July 25th. Wells Fargo & Company cut 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. Piper Sandler restated an overweight rating and issued a $28.00 price target (up from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. Finally, Evercore ISI upped 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. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, NovoCure presently has an average rating of Moderate Buy and a consensus price target of $31.88.
Read Our Latest Stock Report on NovoCure
NovoCure Stock Performance
NovoCure (NASDAQ:NVCR – Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.09. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The business had revenue of $150.40 million during the quarter, compared to analysts’ expectations of $135.83 million. During the same quarter in the prior year, the business earned ($0.54) earnings per share. The company’s quarterly revenue was up 19.3% compared to the same quarter last year. As a group, equities research analysts forecast that NovoCure will post -1.59 EPS for the current year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of NovoCure in the fourth quarter valued at approximately $14,543,000. Federated Hermes Inc. grew its holdings in NovoCure by 807.8% during the 4th 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 last quarter. Invenomic Capital Management LP purchased a new position in NovoCure during the fourth quarter worth $6,479,000. Jacobs Levy Equity Management Inc. raised its holdings in shares of 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 acquiring an additional 358,062 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its position in shares of NovoCure by 309.8% in the second quarter. Panagora Asset Management Inc. now owns 409,794 shares of the medical equipment provider’s stock valued at $7,020,000 after acquiring an additional 309,805 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.
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.
Read More
- Five stocks we like better than NovoCure
- Roth IRA Calculator: Calculate Your Potential Returns
- Survey: Top 175 Fittest Retirement Locations in America
- Why Are These Companies Considered Blue Chips?
- Kimberly-Clark Stock Dips and a Buying Opportunity Emerges
- How is Compound Interest Calculated?
- Leading Gold Stock Shines With Q2 2024 Earnings Release
Receive News & Ratings for NovoCure Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NovoCure and related companies with MarketBeat.com's FREE daily email newsletter.