NovoCure (NASDAQ:NVCR) Price Target Raised to $20.00 at Evercore ISI

NovoCure (NASDAQ:NVCR) had its price target raised by Evercore ISI from $14.50 to $20.00 in a report published on Tuesday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the medical equipment provider’s stock.

Several other brokerages have also recently commented on NVCR. HC Wainwright reaffirmed a neutral rating and issued a $22.00 target price on shares of NovoCure in a research report on Tuesday, June 4th. Piper Sandler reissued an overweight rating and set a $28.00 price objective (up from $25.00) on shares of NovoCure in a report on Wednesday, April 10th. Wells Fargo & Company cut their price target on NovoCure from $49.00 to $42.00 and set an overweight rating for the company in a report on Wednesday, April 3rd. JPMorgan Chase & Co. lifted their price target on NovoCure from $15.00 to $17.00 and gave the company a neutral rating in a report on Tuesday, March 19th. Finally, Wedbush reaffirmed an outperform rating and issued a $24.00 price target (up from $21.00) on shares of NovoCure in a report on Monday, June 3rd. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, NovoCure currently has an average rating of Moderate Buy and a consensus target price of $31.88.

NovoCure Trading Down 3.2 %

Shares of NVCR stock opened at $16.80 on Tuesday. The business’s 50 day moving average is $19.11 and its two-hundred day moving average is $16.06. The company has a market cap of $1.81 billion, a PE ratio of -9.28 and a beta of 0.70. The company has a quick ratio of 5.99, a current ratio of 6.26 and a debt-to-equity ratio of 1.59. NovoCure has a 12 month low of $10.87 and a 12 month high of $42.69.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.43) by $0.07. The business had revenue of $138.50 million for the quarter, compared to the consensus estimate of $131.44 million. NovoCure had a negative net margin of 36.67% and a negative return on equity of 50.35%. NovoCure’s quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.50) earnings per share. Equities analysts predict that NovoCure will post -1.59 EPS for the current year.

Hedge Funds Weigh In On NovoCure

Several institutional investors have recently modified their holdings of NVCR. GAMMA Investing LLC grew its position in shares of NovoCure by 278.0% during the 1st quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock worth $45,000 after buying an additional 2,118 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of NovoCure by 1,113.7% during the 1st quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider’s stock valued at $80,000 after purchasing an additional 4,700 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of NovoCure during the 3rd quarter valued at about $85,000. PNC Financial Services Group Inc. lifted its holdings in shares of NovoCure by 36.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,522 shares of the medical equipment provider’s stock valued at $89,000 after purchasing an additional 1,461 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of NovoCure during the 1st quarter valued at about $113,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.