NovoCure (NASDAQ:NVCR) Shares Gap Up on Analyst Upgrade

NovoCure Limited (NASDAQ:NVCR)’s stock price gapped up before the market opened on Friday after Piper Sandler raised their price target on the stock from $28.00 to $42.00. The stock had previously closed at $30.06, but opened at $31.22. Piper Sandler currently has an overweight rating on the stock. NovoCure shares last traded at $31.99, with a volume of 128,065 shares.

Several other analysts also recently weighed in on NVCR. HC Wainwright reiterated a “buy” rating and set a $38.00 price target (up previously from $30.00) on shares of NovoCure in a research note on Monday, December 2nd. Wedbush reiterated a “neutral” rating and issued a $29.00 target price (up previously from $24.00) on shares of NovoCure in a research report on Monday, December 2nd. Finally, Evercore ISI upgraded shares of NovoCure from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $18.00 to $30.00 in a report on Monday, December 2nd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $32.67.

Institutional Trading of NovoCure

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Nordwand Advisors LLC boosted its position in NovoCure by 100.0% in the 3rd quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock worth $47,356,000 after purchasing an additional 1,514,824 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in 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 buying an additional 480,600 shares in the last quarter. Panagora Asset Management Inc. grew its position 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 buying an additional 309,805 shares during the period. AQR Capital Management LLC increased its holdings in NovoCure by 234.2% in 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 buying an additional 302,351 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of NovoCure by 56.8% in the second quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock worth $7,194,000 after acquiring an additional 152,185 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

NovoCure Stock Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49. The firm has a market capitalization of $3.61 billion, a PE ratio of -22.79 and a beta of 0.75. The firm’s 50 day moving average price is $19.11 and its 200-day moving average price is $18.86.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings results 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 return on equity of 41.48% and a negative net margin of 25.93%. The company had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $143.95 million. During the same quarter in the prior year, the firm posted ($0.46) EPS. NovoCure’s quarterly revenue was up 21.8% compared to the same quarter last year. On average, research analysts expect that NovoCure Limited will post -1.32 EPS for the current 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.