NovoCure (NASDAQ:NVCR) Upgraded to “Buy” by HC Wainwright

HC Wainwright upgraded shares of NovoCure (NASDAQ:NVCR) from a neutral rating to a buy rating in a research note released on Wednesday, Marketbeat Ratings reports. HC Wainwright currently has $30.00 price objective on the medical equipment provider’s stock, up from their prior price objective of $24.00.

NVCR has been the subject of several other reports. Evercore ISI reduced their price objective on NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a report on Tuesday, October 1st. Wells Fargo & Company cut their price target on NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Finally, Wedbush restated an “outperform” rating and issued a $24.00 price objective on shares of NovoCure in a research note on Thursday, July 25th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.17.

NovoCure Trading Up 0.5 %

Shares of NovoCure stock opened at $17.87 on Wednesday. The firm has a market cap of $1.92 billion, a PE ratio of -9.87 and a beta of 0.70. NovoCure has a 1 year low of $10.87 and a 1 year high of $24.74. The company has a debt-to-equity ratio of 1.81, a current ratio of 6.46 and a quick ratio of 6.22. The stock has a fifty day moving average price of $17.14 and a 200-day moving average price of $17.71.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.09. The business had revenue of $150.40 million during the quarter, compared to the consensus estimate of $135.83 million. NovoCure had a negative net margin of 30.67% and a negative return on equity of 45.68%. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.54) earnings per share. Equities research analysts anticipate that NovoCure will post -1.34 EPS for the current year.

Institutional Trading of NovoCure

Several institutional investors and hedge funds have recently modified their holdings of the business. Ridgewood Investments LLC bought a new position in shares of NovoCure in the second quarter worth approximately $28,000. Signaturefd LLC increased its holdings in shares of NovoCure by 61.7% in the 2nd quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 627 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of NovoCure during the 2nd quarter valued at $34,000. Fifth Third Bancorp bought a new stake in shares of NovoCure during the 2nd quarter worth $43,000. Finally, GAMMA Investing LLC grew its position in NovoCure by 278.0% in the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock worth $45,000 after acquiring an additional 2,118 shares in the last quarter. Hedge funds and other institutional investors 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.