NovoCure (NASDAQ:NVCR) Stock Rating Reaffirmed by Wedbush

NovoCure (NASDAQ:NVCR)‘s stock had its “neutral” rating reissued by equities researchers at Wedbush in a research report issued to clients and investors on Wednesday, RTT News reports. They currently have a $21.00 price target on the medical equipment provider’s stock. Wedbush’s price target would suggest a potential upside of 34.36% from the stock’s current price.

Several other equities research analysts have also issued reports on NVCR. JPMorgan Chase & Co. lifted their price target on NovoCure from $15.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 19th. Evercore ISI lifted their price target on NovoCure from $14.00 to $15.00 and gave the stock an “in-line” rating in a research note on Friday, February 23rd. Finally, HC Wainwright lifted their price target on NovoCure from $22.00 to $24.00 and gave the stock a “neutral” rating in a research note on Wednesday. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.13.

NovoCure Trading Up 6.8 %

Shares of NVCR stock opened at $15.63 on Wednesday. The business’s fifty day moving average is $14.95 and its 200 day moving average is $14.46. NovoCure has a 52-week low of $10.87 and a 52-week high of $83.60. The company has a debt-to-equity ratio of 1.57, a quick ratio of 5.56 and a current ratio of 5.78. The company has a market capitalization of $1.67 billion, a PE ratio of -8.02 and a beta of 0.41.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results 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 firm had revenue of $133.80 million during the quarter, compared to analyst estimates of $133.80 million. During the same quarter in the previous year, the company posted ($0.36) earnings per share. The company’s revenue was up 4.2% compared to the same quarter last year. On average, equities research analysts anticipate that NovoCure will post -1.73 EPS for the current fiscal year.

Insider Activity

In other news, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was 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 owns 252,452 shares of the company’s stock, valued at approximately $4,046,805.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Frank X. Leonard sold 2,078 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $16.14, for a total transaction of $33,538.92. Following the transaction, the executive vice president now owns 162,617 shares in the company, valued at approximately $2,624,638.38. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 value of $33,775.21. Following the transaction, the chief operating officer now owns 252,452 shares in the company, valued at approximately $4,046,805.56. The disclosure for this sale can be found here. In the last quarter, 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

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in NovoCure by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 9,759,098 shares of the medical equipment provider’s stock valued at $145,703,000 after purchasing an additional 122,105 shares during the period. Legal & General Group Plc grew its holdings in shares of NovoCure by 7.7% during the 4th quarter. Legal & General Group Plc now owns 192,508 shares of the medical equipment provider’s stock worth $2,874,000 after acquiring an additional 13,704 shares during the period. Voya Investment Management LLC grew its holdings in shares of NovoCure by 96.1% during the 4th quarter. Voya Investment Management LLC now owns 159,885 shares of the medical equipment provider’s stock worth $2,387,000 after acquiring an additional 78,357 shares during the period. Oracle Alpha Inc. purchased a new position in shares of NovoCure during the 4th quarter worth approximately $191,000. Finally, Royal Bank of Canada grew its holdings in shares of NovoCure by 382.2% during the 4th quarter. Royal Bank of Canada now owns 63,072 shares of the medical equipment provider’s stock worth $941,000 after acquiring an additional 49,992 shares during the period. Hedge funds and other institutional investors 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.