NovoCure (NASDAQ:NVCR) Given Outperform Rating at Wedbush

Wedbush reaffirmed their outperform rating on shares of NovoCure (NASDAQ:NVCRFree Report) in a report published on Monday morning, RTT News reports. Wedbush currently has a $24.00 price target on the medical equipment provider’s stock, up from their prior price target of $21.00.

A number of other equities analysts have also recently commented on NVCR. JPMorgan Chase & Co. increased their price objective on shares of NovoCure from $15.00 to $17.00 and gave the company a neutral rating in a research note on Tuesday, March 19th. Evercore ISI increased their price objective on NovoCure from $14.00 to $15.00 and gave the company an in-line rating in a report on Friday, February 23rd. HC Wainwright cut their target price on NovoCure from $24.00 to $22.00 and set a neutral rating on the stock in a report on Thursday, May 2nd. Piper Sandler reiterated an overweight rating and issued a $28.00 price target (up previously from $25.00) on shares of NovoCure in a research report on Wednesday, April 10th. Finally, Wells Fargo & Company lowered their price objective on NovoCure from $49.00 to $42.00 and set an overweight rating for the company in a research report on Wednesday, April 3rd. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $31.25.

Check Out Our Latest Analysis on NovoCure

NovoCure Price Performance

NVCR stock opened at $23.89 on Monday. The stock has a 50-day moving average price of $16.53 and a two-hundred day moving average price of $14.98. NovoCure has a 1 year low of $10.87 and a 1 year high of $82.64. The stock has a market cap of $2.57 billion, a PE ratio of -13.20 and a beta of 0.78. The company has a current ratio of 6.26, a quick ratio of 5.99 and a debt-to-equity ratio of 1.59.

NovoCure (NASDAQ:NVCRGet Free Report) last posted its earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.07. NovoCure had a negative net margin of 36.67% and a negative return on equity of 50.35%. The company had revenue of $138.50 million during the quarter, compared to analysts’ expectations of $131.44 million. During the same quarter last year, the company posted ($0.50) EPS. NovoCure’s quarterly revenue was up 13.3% compared to the same quarter last year. Equities analysts forecast that NovoCure will post -1.64 EPS for the current fiscal year.

Institutional Investors Weigh In On NovoCure

Several large investors have recently modified their holdings of NVCR. Principal Financial Group Inc. raised its position in shares of NovoCure by 6.3% in the third quarter. Principal Financial Group Inc. now owns 26,092 shares of the medical equipment provider’s stock valued at $421,000 after purchasing an additional 1,539 shares during the period. Arizona State Retirement System increased its stake in NovoCure by 10.9% in the third quarter. Arizona State Retirement System now owns 28,729 shares of the medical equipment provider’s stock valued at $464,000 after acquiring an additional 2,827 shares during the last quarter. Amalgamated Bank raised its position in NovoCure by 4.7% during the third quarter. Amalgamated Bank now owns 23,847 shares of the medical equipment provider’s stock valued at $385,000 after purchasing an additional 1,072 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of NovoCure by 6.8% during the 3rd quarter. Van ECK Associates Corp now owns 15,073 shares of the medical equipment provider’s stock valued at $243,000 after purchasing an additional 959 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in shares of NovoCure in the third quarter worth about $750,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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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