NovoCure (NASDAQ:NVCR) Rating Increased to Outperform at Evercore ISI

Evercore ISI upgraded shares of NovoCure (NASDAQ:NVCR) from an in-line rating to an outperform rating in a research note released on Monday, Marketbeat Ratings reports. They currently have $30.00 price target on the medical equipment provider’s stock, up from their prior price target of $18.00.

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price target on shares of NovoCure in a research note on Thursday, November 21st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $30.33.

NovoCure Stock Performance

NASDAQ NVCR opened at $29.85 on Monday. The company’s 50 day simple moving average is $16.91 and its two-hundred day simple moving average is $18.45. 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 has a 1 year low of $11.66 and a 1 year high of $31.57. The stock has a market capitalization of $3.23 billion, a PE ratio of -21.32 and a beta of 0.71.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NVCR. Nordwand Advisors LLC lifted its position in NovoCure by 100.0% during the third quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock valued at $47,356,000 after purchasing an additional 1,514,824 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of NovoCure by 171.9% during the second quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock worth $13,022,000 after acquiring an additional 480,600 shares during the last quarter. Panagora Asset Management Inc. grew its stake in NovoCure by 309.8% during the second quarter. Panagora Asset Management Inc. now owns 409,794 shares of the medical equipment provider’s stock valued at $7,020,000 after acquiring an additional 309,805 shares in the last quarter. AQR Capital Management LLC grew its position in shares of NovoCure by 234.2% during the second quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock valued at $7,391,000 after purchasing an additional 302,351 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in NovoCure by 56.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock valued at $7,194,000 after buying an additional 152,185 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.