HC Wainwright Upgrades NovoCure (NASDAQ:NVCR) to “Buy”

HC Wainwright upgraded shares of NovoCure (NASDAQ:NVCR) from a neutral rating to a buy rating in a research note released on Wednesday morning, Marketbeat Ratings reports. HC Wainwright currently has $30.00 target price on the medical equipment provider’s stock, up from their prior target price of $24.00. HC Wainwright also issued estimates for NovoCure’s Q4 2024 earnings at ($0.38) EPS, FY2024 earnings at ($1.33) EPS, FY2025 earnings at ($1.63) EPS, FY2026 earnings at ($1.72) EPS, FY2027 earnings at ($0.60) EPS and FY2028 earnings at ($0.12) EPS.

Other research analysts also recently issued reports about the company. Wells Fargo & Company reduced their target price on NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Wedbush reaffirmed an “outperform” rating and set a $24.00 price objective on shares of NovoCure in a research report on Thursday, July 25th. Finally, Evercore ISI dropped their price objective on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 1st. Three equities research 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.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $26.17.

NovoCure Stock Performance

NASDAQ NVCR opened at $17.21 on Wednesday. The firm has a market capitalization of $1.86 billion, a P/E ratio of -10.89 and a beta of 0.70. The company has a current ratio of 6.46, a quick ratio of 6.22 and a debt-to-equity ratio of 1.81. The firm’s fifty day moving average price is $17.06 and its two-hundred day moving average price is $17.74. NovoCure has a 1 year low of $10.87 and a 1 year high of $24.74.

NovoCure (NASDAQ:NVCR) last issued its earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $135.83 million. During the same period in the prior year, the firm earned ($0.54) EPS. NovoCure’s quarterly revenue 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 year.

Institutional Trading of NovoCure

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of NovoCure by 2.7% during the first quarter. Vanguard Group Inc. now owns 10,023,981 shares of the medical equipment provider’s stock worth $156,675,000 after purchasing an additional 264,883 shares during the period. Price T Rowe Associates Inc. MD increased its stake in NovoCure by 5.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,378,940 shares of the medical equipment provider’s stock worth $37,184,000 after acquiring an additional 125,715 shares during the period. Renaissance Technologies LLC raised its holdings in NovoCure by 171.9% in the 2nd quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock valued at $13,022,000 after acquiring an additional 480,600 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of NovoCure by 5.8% during the 2nd quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock valued at $12,726,000 after acquiring an additional 40,870 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of NovoCure by 305.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 475,226 shares of the medical equipment provider’s stock worth $7,428,000 after purchasing an additional 358,062 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.