NovoCure (NASDAQ:NVCR) Given New $24.00 Price Target at HC Wainwright

NovoCure (NASDAQ:NVCR) had its price objective boosted by equities researchers at HC Wainwright from $22.00 to $24.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the medical equipment provider’s stock. HC Wainwright’s price objective indicates a potential upside of 53.55% from the company’s current price.

NVCR has been the subject of a number of other reports. Evercore ISI lifted their price target on shares of NovoCure from $14.00 to $15.00 and gave the company an “in-line” rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. boosted their price objective on shares of NovoCure from $15.00 to $17.00 and gave the company a “neutral” rating in a research note on Tuesday, March 19th. Finally, Wedbush restated a “neutral” rating and set a $21.00 target price on shares of NovoCure in a report on Monday, January 8th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, NovoCure presently has a consensus rating of “Moderate Buy” and an average price target of $34.13.

NovoCure Stock Performance

NASDAQ:NVCR opened at $15.63 on Wednesday. The firm has a market capitalization of $1.67 billion, a PE ratio of -8.02 and a beta of 0.41. The business’s fifty day moving average price is $14.95 and its 200 day moving average price is $14.46. The company has a debt-to-equity ratio of 1.57, a current ratio of 5.78 and a quick ratio of 5.56. NovoCure has a 12 month low of $10.87 and a 12 month high of $83.60.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, February 22nd. The medical equipment provider reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.53) by $0.08. NovoCure had a negative return on equity of 51.63% and a negative net margin of 40.65%. The company had revenue of $133.80 million for the quarter, compared to analyst estimates of $133.80 million. During the same quarter last year, the company posted ($0.36) earnings per share. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, sell-side analysts anticipate that NovoCure will post -1.73 earnings per share for the current fiscal year.

Insider Transactions at NovoCure

In related news, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $16.03, for a total transaction of $33,775.21. Following the completion of the sale, the chief operating officer now owns 252,452 shares of the company’s stock, valued at approximately $4,046,805.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $16.03, for a total value of $33,775.21. Following the completion of the sale, the chief operating officer now directly owns 252,452 shares of the company’s stock, valued at approximately $4,046,805.56. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Frank X. Leonard sold 1,679 shares of the stock in a transaction that occurred 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 directly owns 160,938 shares of the company’s stock, valued at $2,579,836.14. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,921 shares of company stock valued at $127,161. Insiders own 5.67% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Seven Eight Capital LP boosted its holdings in shares of NovoCure by 109.5% during the 3rd quarter. Seven Eight Capital LP now owns 137,721 shares of the medical equipment provider’s stock worth $2,224,000 after buying an additional 71,989 shares during the period. SG Americas Securities LLC lifted its holdings in NovoCure by 42.1% during the 4th quarter. SG Americas Securities LLC now owns 228,591 shares of the medical equipment provider’s stock valued at $3,413,000 after purchasing an additional 67,705 shares during the last quarter. Federated Hermes Inc. bought a new position in shares of NovoCure in the third quarter worth about $1,097,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of NovoCure by 490.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 408,839 shares of the medical equipment provider’s stock worth $6,603,000 after buying an additional 339,610 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in NovoCure by 44.3% during the fourth quarter. Exchange Traded Concepts LLC now owns 73,759 shares of the medical equipment provider’s stock valued at $1,101,000 after purchasing an additional 22,627 shares during the period. 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.