NovoCure’s (NVCR) Neutral Rating Reaffirmed at Wedbush

Wedbush reissued their neutral rating on shares of NovoCure (NASDAQ:NVCR) in a report released on Monday,RTT News reports. The brokerage currently has a $29.00 price target on the medical equipment provider’s stock.

NVCR has been the topic of a number of other reports. Piper Sandler lifted their price objective on NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. HC Wainwright restated a “buy” rating and set a $38.00 price target (up previously from $30.00) on shares of NovoCure in a report on Monday, December 2nd. Finally, Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $18.00 to $30.00 in a research note on Monday, December 2nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, NovoCure presently has a consensus rating of “Moderate Buy” and an average target price of $32.67.

NovoCure Stock Down 0.3 %

NASDAQ:NVCR opened at $27.38 on Monday. 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 one year low of $11.70 and a one year high of $34.13. The firm’s 50 day simple moving average is $25.33 and its 200 day simple moving average is $20.28. The company has a market cap of $2.96 billion, a PE ratio of -19.56 and a beta of 0.64.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.06. The company had revenue of $155.10 million for the quarter, compared to analysts’ expectations of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. NovoCure’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 posted ($0.46) earnings per share. On average, research analysts anticipate that NovoCure will post -1.32 earnings per share for the current year.

Institutional Trading of NovoCure

Several hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. grew its holdings in NovoCure by 222.6% in the third quarter. Franklin Resources Inc. now owns 180,853 shares of the medical equipment provider’s stock worth $2,904,000 after purchasing an additional 124,793 shares during the period. Intech Investment Management LLC acquired a new stake in shares of NovoCure in the 3rd quarter valued at about $346,000. Geode Capital Management LLC increased its position in NovoCure by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,405,257 shares of the medical equipment provider’s stock valued at $37,601,000 after buying an additional 29,871 shares in the last quarter. Federated Hermes Inc. raised its stake in NovoCure by 5.8% during the 2nd quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock worth $12,726,000 after buying an additional 40,870 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in NovoCure by 171.9% in 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 in the last quarter. Institutional investors own 84.61% of the company’s stock.

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.