NovoCure Limited (NASDAQ:NVCR) Receives $30.33 Average Price Target from Brokerages

NovoCure Limited (NASDAQ:NVCR) has been assigned an average rating of “Moderate Buy” from the six analysts that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $32.67.

NVCR has been the subject of several analyst reports. Wedbush reissued a “neutral” rating and set a $29.00 price target (up from $24.00) on shares of NovoCure in a research report on Monday, December 2nd. Piper Sandler increased their price target on shares of NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday. Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and increased their price target for the company from $18.00 to $30.00 in a research report on Monday, December 2nd. Finally, HC Wainwright reissued a “buy” rating and set a $38.00 price target (up from $30.00) on shares of NovoCure in a research report on Monday, December 2nd.

Hedge Funds Weigh In On NovoCure

Several hedge funds have recently modified their holdings of the stock. Intech Investment Management LLC acquired a new position in NovoCure in the 3rd quarter worth approximately $346,000. Federated Hermes Inc. increased its holdings in NovoCure by 5.8% in the 2nd quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock worth $12,726,000 after buying an additional 40,870 shares during the period. Bank of New York Mellon Corp increased its holdings in NovoCure by 56.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock worth $7,194,000 after buying an additional 152,185 shares during the period. Renaissance Technologies LLC increased its holdings in NovoCure by 171.9% in the 2nd quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock worth $13,022,000 after buying an additional 480,600 shares during the period. Finally, AQR Capital Management LLC increased its holdings in 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 buying an additional 302,351 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

NovoCure Stock Up 11.1 %

NASDAQ:NVCR opened at $33.41 on Wednesday. NovoCure has a 1-year low of $11.70 and a 1-year high of $34.00. The company has a 50-day moving average of $19.48 and a 200 day moving average of $18.88. The firm has a market cap of $3.61 billion, a PE ratio of -23.86 and a beta of 0.75. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The company had revenue of $155.10 million during the quarter, compared to analyst estimates of $143.95 million. During the same period in the prior year, the firm earned ($0.46) earnings per share. The firm’s revenue for the quarter was up 21.8% compared to the same quarter last year. As a group, research analysts anticipate that NovoCure will post -1.32 EPS for the current fiscal year.

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.