NovoCure’s (NVCR) Buy Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of NovoCure (NASDAQ:NVCR) in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $38.00 price target on the medical equipment provider’s stock. HC Wainwright also issued estimates for NovoCure’s FY2029 earnings at $0.27 EPS.

Several other brokerages also recently weighed in on NVCR. Wedbush reaffirmed a “neutral” rating and issued a $29.00 target price on shares of NovoCure in a report on Monday. Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $18.00 to $30.00 in a research report on Monday, December 2nd. Finally, Piper Sandler increased their target price on NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Two 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, NovoCure currently has an average rating of “Moderate Buy” and an average target price of $32.67.

NovoCure Stock Down 1.3 %

NASDAQ NVCR opened at $26.02 on Tuesday. NovoCure has a 52 week low of $11.70 and a 52 week high of $34.13. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $2.82 billion, a P/E ratio of -18.59 and a beta of 0.64. The stock’s 50-day moving average price is $25.68 and its 200-day moving average price is $20.39.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.06. The business had revenue of $155.10 million for the quarter, compared to the consensus estimate of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The company’s revenue for the quarter was up 21.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.46) earnings per share. On average, equities research analysts predict that NovoCure will post -1.32 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

Large investors have recently made changes to their positions in the company. Rhumbline Advisers grew its holdings in NovoCure by 33.1% during the 2nd quarter. Rhumbline Advisers now owns 150,119 shares of the medical equipment provider’s stock valued at $2,572,000 after buying an additional 37,364 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of NovoCure by 2.1% in the second quarter. Arizona State Retirement System now owns 28,481 shares of the medical equipment provider’s stock valued at $488,000 after purchasing an additional 581 shares in the last quarter. Choreo LLC bought a new stake in NovoCure in the second quarter worth $192,000. State of New Jersey Common Pension Fund D purchased a new stake in NovoCure during the second quarter valued at $1,447,000. Finally, Federated Hermes Inc. lifted its position in NovoCure by 5.8% during the second quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock valued at $12,726,000 after purchasing an additional 40,870 shares during the last quarter. 84.61% of the stock is owned by 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.