HC Wainwright Lowers NovoCure (NASDAQ:NVCR) Price Target to $22.00

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

NVCR has been the topic of a number of other research reports. Evercore ISI boosted their price target on NovoCure from $14.00 to $15.00 and gave the stock an in-line rating in a research report on Friday, February 23rd. Wedbush reissued a neutral rating and set a $21.00 target price on shares of NovoCure in a report on Wednesday, March 27th. Wells Fargo & Company dropped their price target on NovoCure from $49.00 to $42.00 and set an overweight rating on the stock in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. lifted their price objective on shares of NovoCure from $15.00 to $17.00 and gave the stock a neutral rating in a research report on Tuesday, March 19th. Finally, Piper Sandler reiterated an overweight rating and issued a $28.00 price objective (up from $25.00) on shares of NovoCure in a report on Wednesday, April 10th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, NovoCure currently has an average rating of Moderate Buy and a consensus price target of $30.88.

NovoCure Price Performance

NASDAQ:NVCR opened at $14.78 on Thursday. The stock has a market capitalization of $1.59 billion, a PE ratio of -8.17 and a beta of 0.50. NovoCure has a 1-year low of $10.87 and a 1-year high of $83.60. The firm has a fifty day simple moving average of $14.20 and a 200 day simple moving average of $13.85. The company has a current ratio of 5.78, a quick ratio of 5.56 and a debt-to-equity ratio of 1.57.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.07. The company had revenue of $138.50 million during the quarter, compared to the consensus estimate of $131.44 million. NovoCure had a negative net margin of 36.67% and a negative return on equity of 49.34%. The company’s quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.50) EPS. On average, research analysts expect that NovoCure will post -1.78 EPS for the current fiscal year.

Insider Buying and Selling

In other NovoCure news, EVP Frank X. Leonard sold 1,679 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 $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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Frank X. Leonard sold 1,679 shares of NovoCure 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 $26,914.37. Following the completion of the sale, the executive vice president now directly owns 160,938 shares in the company, valued at $2,579,836.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 value of $33,538.92. Following the sale, the executive vice president now directly owns 162,617 shares in the company, valued at approximately $2,624,638.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,921 shares of company stock valued at $127,161. 5.67% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NVCR. China Universal Asset Management Co. Ltd. grew its stake in NovoCure by 96.8% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,739 shares of the medical equipment provider’s stock worth $44,000 after buying an additional 1,347 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of NovoCure by 278.0% during the 1st quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock worth $45,000 after acquiring an additional 2,118 shares in the last quarter. CWM LLC increased its stake in NovoCure by 127.9% in the third quarter. CWM LLC now owns 3,891 shares of the medical equipment provider’s stock valued at $63,000 after acquiring an additional 2,184 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in NovoCure during the third quarter valued at approximately $74,000. Finally, Daiwa Securities Group Inc. lifted its stake in NovoCure by 1,113.7% during the first quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider’s stock worth $80,000 after purchasing an additional 4,700 shares during 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.