NovoCure Limited (NASDAQ:NVCR) to Post Q2 2024 Earnings of ($0.41) Per Share, Wedbush Forecasts

NovoCure Limited (NASDAQ:NVCRFree Report) – Wedbush upped their Q2 2024 earnings estimates for NovoCure in a report released on Monday, June 3rd. Wedbush analyst D. Nierengarten now anticipates that the medical equipment provider will post earnings per share of ($0.41) for the quarter, up from their prior estimate of ($0.43). Wedbush currently has a “Outperform” rating and a $24.00 price objective on the stock. The consensus estimate for NovoCure’s current full-year earnings is ($1.64) per share. Wedbush also issued estimates for NovoCure’s Q3 2024 earnings at ($0.39) EPS, Q4 2024 earnings at ($0.37) EPS, FY2024 earnings at ($1.52) EPS, Q1 2025 earnings at ($0.35) EPS, Q2 2025 earnings at ($0.36) EPS, Q3 2025 earnings at ($0.36) EPS, Q4 2025 earnings at ($0.35) EPS, FY2025 earnings at ($1.42) EPS, FY2026 earnings at ($1.34) EPS and FY2027 earnings at ($1.08) EPS.

Several other analysts also recently commented on NVCR. Piper Sandler reaffirmed 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. Evercore ISI lifted their price target on NovoCure from $14.00 to $15.00 and gave the company an “in-line” rating in a research report on Friday, February 23rd. HC Wainwright restated a “neutral” rating and issued a $22.00 price objective on shares of NovoCure in a research report on Tuesday. JPMorgan Chase & Co. lifted their target price on shares of NovoCure from $15.00 to $17.00 and gave the company a “neutral” rating in a report on Tuesday, March 19th. Finally, Wells Fargo & Company lowered their price target on shares of NovoCure from $49.00 to $42.00 and set an “overweight” rating on the stock in a report on Wednesday, April 3rd. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.25.

Check Out Our Latest Analysis on NovoCure

NovoCure Trading Down 4.2 %

NovoCure stock opened at $22.15 on Thursday. NovoCure has a 52 week low of $10.87 and a 52 week high of $48.92. The stock has a 50-day moving average price of $17.03 and a 200 day moving average price of $15.16. The company has a quick ratio of 5.99, a current ratio of 6.26 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of -12.24 and a beta of 0.78.

NovoCure (NASDAQ:NVCRGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.07. The company had revenue of $138.50 million during the quarter, compared to analysts’ expectations of $131.44 million. NovoCure had a negative return on equity of 50.35% and a negative net margin of 36.67%. The firm’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.50) EPS.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of NovoCure during the fourth quarter worth $14,543,000. Federated Hermes Inc. raised its holdings in NovoCure by 807.8% in the 4th quarter. Federated Hermes Inc. now owns 616,792 shares of the medical equipment provider’s stock valued at $9,209,000 after acquiring an additional 548,852 shares during the last quarter. Invenomic Capital Management LP purchased a new position in NovoCure in the 4th quarter worth approximately $6,479,000. Jacobs Levy Equity Management Inc. lifted its stake in NovoCure by 305.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 475,226 shares of the medical equipment provider’s stock worth $7,428,000 after purchasing an additional 358,062 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of NovoCure by 490.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 408,839 shares of the medical equipment provider’s stock worth $6,603,000 after purchasing an additional 339,610 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

About NovoCure

(Get Free Report)

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.

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Earnings History and Estimates for NovoCure (NASDAQ:NVCR)

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