NovoCure (NASDAQ:NVCR) Receives “Buy” Rating from HC Wainwright

NovoCure (NASDAQ:NVCR)‘s stock had its “buy” rating restated by HC Wainwright in a report issued on Thursday,Benzinga reports. They presently have a $30.00 price target on the medical equipment provider’s stock. HC Wainwright’s price objective would suggest a potential upside of 76.26% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Wells Fargo & Company decreased their target price on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, July 26th. Evercore ISI dropped their target price on NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a report on Tuesday, October 1st. Finally, Wedbush reissued an “outperform” rating and set a $24.00 price target on shares of NovoCure in a research report on Thursday, July 25th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.17.

NovoCure Stock Performance

NovoCure stock traded up $0.16 during mid-day trading on Thursday, hitting $17.02. The company had a trading volume of 374,617 shares, compared to its average volume of 1,280,817. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The company’s fifty day moving average is $16.52 and its 200-day moving average is $18.32. NovoCure has a 12-month low of $11.29 and a 12-month high of $24.74. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of -11.96 and a beta of 0.71.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.06. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The business had revenue of $155.10 million during the quarter, compared to the consensus estimate of $143.95 million. During the same period in the prior year, the company posted ($0.46) EPS. The business’s quarterly revenue was up 21.8% on a year-over-year basis. Equities research analysts predict that NovoCure will post -1.31 EPS for the current year.

Institutional Investors Weigh In On NovoCure

Several hedge funds have recently modified their holdings of NVCR. Nordwand Advisors LLC grew its stake in shares of NovoCure by 100.0% during the 3rd quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock worth $47,356,000 after purchasing an additional 1,514,824 shares during the period. Renaissance Technologies LLC increased its holdings in NovoCure by 171.9% in the second quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock valued at $13,022,000 after buying an additional 480,600 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of NovoCure by 305.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 475,226 shares of the medical equipment provider’s stock valued at $7,428,000 after acquiring an additional 358,062 shares during the period. Panagora Asset Management Inc. boosted its stake in shares of NovoCure by 309.8% during the 2nd quarter. Panagora Asset Management Inc. now owns 409,794 shares of the medical equipment provider’s stock worth $7,020,000 after acquiring an additional 309,805 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of NovoCure by 234.2% in the 2nd quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock worth $7,391,000 after acquiring an additional 302,351 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

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.