Wedbush Reiterates “Neutral” Rating for NovoCure (NASDAQ:NVCR)

Wedbush restated their neutral rating on shares of NovoCure (NASDAQ:NVCR) in a report issued on Thursday, RTT News reports. They currently have a $21.00 price target on the medical equipment provider’s stock.

Several other research analysts also recently commented on NVCR. JPMorgan Chase & Co. raised their price objective on shares of NovoCure from $15.00 to $17.00 and gave the stock a neutral rating in a report on Tuesday, March 19th. Evercore ISI raised their price target on NovoCure from $14.00 to $15.00 and gave the stock an in-line rating in a report on Friday, February 23rd. Piper Sandler reiterated an overweight rating and set a $28.00 price objective (up from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. HC Wainwright cut their target price on NovoCure from $24.00 to $22.00 and set a neutral rating for the company in a research note on Thursday. Finally, Wells Fargo & Company decreased their price target on NovoCure from $49.00 to $42.00 and set an overweight rating on the stock in a research report on Wednesday, April 3rd. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $30.88.

NovoCure Stock Up 4.2 %

Shares of NASDAQ NVCR opened at $14.78 on Thursday. The company has a debt-to-equity ratio of 1.57, a current ratio of 5.78 and a quick ratio of 5.56. 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 one year low of $10.87 and a one year high of $83.60. The business’s fifty day moving average price is $14.20 and its 200-day moving average price is $13.85.

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

Insider Transactions at NovoCure

In other NovoCure news, EVP Frank X. Leonard sold 2,078 shares of NovoCure 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 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Frank X. Leonard sold 2,078 shares of the business’s 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 completion of the sale, the executive vice president now owns 162,617 shares in the company, valued at approximately $2,624,638.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Wilhelmus Cm Groenhuysen sold 2,107 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 $33,775.21. Following the transaction, the chief operating officer now owns 252,452 shares in the company, valued at $4,046,805.56. The disclosure for this sale can be found here. Insiders have sold 7,921 shares of company stock valued at $127,161 in the last quarter. Insiders own 5.67% of the company’s stock.

Hedge Funds Weigh In On NovoCure

A number of large investors have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. grew its stake in shares of 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 valued at $44,000 after buying an additional 1,347 shares during the last quarter. GAMMA Investing LLC grew its position in 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 during the last quarter. CWM LLC increased its stake in NovoCure by 127.9% in the 3rd quarter. CWM LLC now owns 3,891 shares of the medical equipment provider’s stock worth $63,000 after purchasing an additional 2,184 shares during the period. Canada Pension Plan Investment Board purchased a new position in NovoCure in the 3rd quarter worth approximately $74,000. Finally, Daiwa Securities Group Inc. lifted its position in NovoCure by 1,113.7% in the first quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider’s stock valued at $80,000 after purchasing an additional 4,700 shares during the last quarter. Hedge funds and other 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.