Traders Purchase High Volume of NovoCure Call Options (NASDAQ:NVCR)

NovoCure Limited (NASDAQ:NVCR) saw unusually large options trading activity on Wednesday. Traders bought 6,407 call options on the stock. This is an increase of 587% compared to the average daily volume of 932 call options.

Wall Street Analyst Weigh In

Several research analysts have commented on NVCR shares. HC Wainwright raised shares of NovoCure from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $24.00 to $30.00 in a research note on Wednesday. Wedbush reissued an “outperform” rating and set a $24.00 target price on shares of NovoCure in a research note on Thursday, July 25th. Evercore ISI lowered their target price on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company lowered their target price on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $26.17.

NovoCure Stock Up 0.5 %

NASDAQ:NVCR opened at $17.87 on Thursday. NovoCure has a 1-year low of $10.87 and a 1-year high of $24.74. The company has a 50-day moving average of $17.14 and a 200 day moving average of $17.71. The firm has a market cap of $1.92 billion, a PE ratio of -9.87 and a beta of 0.70. The company has a debt-to-equity ratio of 1.81, a current ratio of 6.46 and a quick ratio of 6.22.

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

Institutional Trading of NovoCure

A number of hedge funds have recently added to or reduced their stakes in NVCR. Ridgewood Investments LLC bought a new position in NovoCure in the second quarter worth about $28,000. Signaturefd LLC increased its holdings in shares of NovoCure by 61.7% during the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 627 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of NovoCure during the second quarter valued at about $34,000. Fifth Third Bancorp acquired a new position in shares of NovoCure during the second quarter valued at about $43,000. Finally, GAMMA Investing LLC increased its holdings in shares of NovoCure by 278.0% during the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock valued at $45,000 after acquiring an additional 2,118 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.