NovoCure (NASDAQ:NVCR) Now Covered by Analysts at StockNews.com

StockNews.com initiated coverage on shares of NovoCure (NASDAQ:NVCR – Get Rating) in a research report released on Thursday morning. The firm issued a hold rating on the medical equipment provider’s stock.

A number of other research firms also recently commented on NVCR. HC Wainwright dropped their target price on shares of NovoCure from $130.00 to $115.00 in a research report on Thursday, May 4th. Wells Fargo & Company raised shares of NovoCure from an equal weight rating to an overweight rating and increased their target price for the company from $70.00 to $104.00 in a research report on Tuesday, May 16th. Finally, JPMorgan Chase & Co. reaffirmed an underweight rating and issued a $50.00 target price (down from $99.00) on shares of NovoCure in a research report on Friday, March 17th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $84.33.

NovoCure Stock Performance

Shares of NVCR stock opened at $79.45 on Thursday. The firm has a market cap of $8.44 billion, a P/E ratio of -59.29 and a beta of 0.81. NovoCure has a one year low of $56.06 and a one year high of $120.03. The company has a debt-to-equity ratio of 1.31, a quick ratio of 7.11 and a current ratio of 7.32. The firm’s 50 day moving average price is $65.16 and its 200-day moving average price is $75.58.

NovoCure (NASDAQ:NVCR – Get Rating) last released its earnings results on Thursday, May 4th. The medical equipment provider reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.14). The business had revenue of $122.20 million for the quarter, compared to analyst estimates of $127.93 million. NovoCure had a negative return on equity of 32.03% and a negative net margin of 26.98%. NovoCure’s quarterly revenue was down 11.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.04) earnings per share. As a group, equities research analysts predict that NovoCure will post -1.97 EPS for the current year.

Insider Activity at NovoCure

In related news, insider Frank X. Leonard sold 1,684 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $76.36, for a total value of $128,590.24. Following the completion of the sale, the insider now owns 63,095 shares in the company, valued at $4,817,934.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Ashley Cordova sold 2,198 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $76.36, for a total value of $167,839.28. Following the completion of the sale, the chief financial officer now owns 96,062 shares in the company, valued at $7,335,294.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frank X. Leonard sold 1,684 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $76.36, for a total transaction of $128,590.24. Following the completion of the sale, the insider now owns 63,095 shares of the company’s stock, valued at approximately $4,817,934.20. The disclosure for this sale can be found here. Insiders sold 8,105 shares of company stock worth $621,533 over the last 90 days. Company insiders own 6.22% of the company’s stock.

Hedge Funds Weigh In On NovoCure

Several hedge funds have recently added to or reduced their stakes in NVCR. Nordwand Advisors LLC purchased a new position in NovoCure during the 4th quarter valued at about $668,538,000. Norges Bank purchased a new position in NovoCure during the 4th quarter valued at about $71,417,000. BlackRock Inc. increased its holdings in NovoCure by 9.5% during the 1st quarter. BlackRock Inc. now owns 8,324,921 shares of the medical equipment provider’s stock valued at $500,661,000 after acquiring an additional 719,265 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in NovoCure by 22.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,655,686 shares of the medical equipment provider’s stock valued at $159,714,000 after acquiring an additional 487,255 shares in the last quarter. Finally, Hartline Investment Corp purchased a new position in NovoCure during the 4th quarter valued at about $22,334,000. 78.42% of the stock is currently owned by hedge funds and other institutional investors.

About NovoCure

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NovoCure Ltd. is an oncology company which engages in the development, manufacture, and commercialization of Optune for the treatment of a variety of solid tumors. Its platform is called the Tumor Treating Field which uses electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division.