NovoCure (NASDAQ:NVCR) PT Lowered to $22.00

NovoCure (NASDAQ:NVCR) had its price objective trimmed by HC Wainwright from $24.00 to $22.00 in a report issued on Thursday, Benzinga reports. The firm currently has a neutral rating on the medical equipment provider’s stock.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company cut their price objective on shares of NovoCure from $49.00 to $42.00 and set an overweight rating for the company in a research report on Wednesday, April 3rd. Piper Sandler reaffirmed an overweight rating and issued a $28.00 price target (up previously from $25.00) on shares of NovoCure in a report on Wednesday, April 10th. Wedbush reissued a neutral rating and set a $21.00 price objective on shares of NovoCure in a research note on Wednesday, March 27th. JPMorgan Chase & Co. upped their target price on NovoCure from $15.00 to $17.00 and gave the stock a neutral rating in a research note on Tuesday, March 19th. Finally, Evercore ISI lifted their price target on NovoCure from $14.00 to $15.00 and gave the company an in-line rating in a research report on Friday, February 23rd. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $30.88.

NovoCure Stock Up 4.2 %

NVCR stock traded up $0.59 during trading on Thursday, reaching $14.78. The stock had a trading volume of 1,145,701 shares, compared to its average volume of 1,331,290. NovoCure has a one year low of $10.87 and a one year high of $83.60. The company’s 50 day moving average is $14.21 and its two-hundred day moving average is $13.87. The company has a quick ratio of 5.56, a current ratio of 5.78 and a debt-to-equity ratio of 1.57. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -7.58 and a beta of 0.50.

NovoCure (NASDAQ:NVCR) last issued its earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.07. The firm had revenue of $138.50 million for the quarter, compared to analyst estimates of $131.44 million. NovoCure had a negative return on equity of 51.63% and a negative net margin of 40.65%. The business’s revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.50) earnings per share. Equities research analysts forecast that NovoCure will post -1.78 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Frank X. Leonard sold 1,679 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $16.03, for a total value of $26,914.37. Following the completion of the sale, the executive vice president now owns 160,938 shares of the company’s stock, valued at approximately $2,579,836.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Frank X. Leonard sold 2,078 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $16.14, for a total transaction of $33,538.92. Following the completion of the sale, the executive vice president now owns 162,617 shares of the company’s stock, valued at $2,624,638.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Frank X. Leonard sold 1,679 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $16.03, for a total transaction of $26,914.37. Following the sale, the executive vice president now owns 160,938 shares of the company’s stock, valued at $2,579,836.14. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,921 shares of company stock valued at $127,161. 5.67% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NovoCure

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of NovoCure by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 9,759,098 shares of the medical equipment provider’s stock worth $145,703,000 after purchasing an additional 122,105 shares during the period. Norges Bank bought a new position in NovoCure during the 4th quarter valued at approximately $14,543,000. Palo Alto Investors LP grew its position in shares of NovoCure by 14.2% in the 3rd quarter. Palo Alto Investors LP now owns 660,275 shares of the medical equipment provider’s stock worth $10,663,000 after buying an additional 82,157 shares during the last quarter. Federated Hermes Inc. increased its position in shares of NovoCure by 807.8% during the fourth quarter. Federated Hermes Inc. now owns 616,792 shares of the medical equipment provider’s stock valued at $9,209,000 after buying an additional 548,852 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of NovoCure by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 551,775 shares of the medical equipment provider’s stock worth $8,238,000 after acquiring an additional 10,510 shares during the period. 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.