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

NovoCure (NASDAQ:NVCR) had its price objective dropped by HC Wainwright from $24.00 to $22.00 in a report released on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the medical equipment provider’s stock. HC Wainwright’s target price points to a potential upside of 48.85% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Wedbush reaffirmed a “neutral” rating and issued a $21.00 target price on shares of NovoCure in a research note on Wednesday, March 27th. Evercore ISI increased their target price on NovoCure from $14.00 to $15.00 and gave the stock an “in-line” rating in a research report on Friday, February 23rd. Piper Sandler restated an “overweight” rating and set a $28.00 target price (up previously from $25.00) on shares of NovoCure in a report on Wednesday, April 10th. JPMorgan Chase & Co. raised their price objective on NovoCure from $15.00 to $17.00 and gave the company a “neutral” rating in a research report on Tuesday, March 19th. Finally, Wells Fargo & Company decreased their target price on NovoCure from $49.00 to $42.00 and set an “overweight” rating for the company 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.88.

NovoCure Stock Performance

Shares of NVCR opened at $14.78 on Thursday. The company has a 50-day simple moving average of $14.21 and a 200-day simple moving average of $13.87. The company has a market capitalization of $1.59 billion, a PE ratio of -7.58 and a beta of 0.50. NovoCure has a 52-week low of $10.87 and a 52-week high of $83.60. The company has a quick ratio of 5.56, a current ratio of 5.78 and a debt-to-equity ratio of 1.57.

NovoCure (NASDAQ:NVCR) last issued 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 firm had revenue of $138.50 million for the quarter, compared to analysts’ expectations of $131.44 million. NovoCure had a negative net margin of 40.65% and a negative return on equity of 51.63%. The firm’s revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.50) EPS. Equities research analysts predict that NovoCure will post -1.78 earnings per share for the current fiscal year.

Insider Buying and Selling at NovoCure

In related news, EVP Frank X. Leonard sold 1,679 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was 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 approximately $2,579,836.14. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Frank X. Leonard sold 1,679 shares of the firm’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 transaction, the executive vice president now directly owns 160,938 shares in the company, valued at approximately $2,579,836.14. The transaction was disclosed in a legal filing with the SEC, which is available at 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 owns 162,617 shares in the company, valued at $2,624,638.38. The disclosure for this sale can be found here. Insiders have sold 7,921 shares of company stock worth $127,161 in the last ninety days. 5.67% of the stock is owned by insiders.

Institutional Trading of NovoCure

A number of institutional investors have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. increased its holdings in shares of NovoCure by 96.8% in 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 in the last quarter. GAMMA Investing LLC increased its holdings in NovoCure by 278.0% in the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock worth $45,000 after buying an additional 2,118 shares during the last quarter. CWM LLC raised its holdings in shares of NovoCure by 127.9% during the 3rd quarter. CWM LLC now owns 3,891 shares of the medical equipment provider’s stock valued at $63,000 after purchasing an additional 2,184 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of NovoCure in the third quarter worth about $74,000. Finally, Daiwa Securities Group Inc. boosted its position 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 period. 84.61% of the stock is owned by institutional investors and hedge funds.

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.