FY2024 EPS Estimates for NovoCure Increased by HC Wainwright

NovoCure Limited (NASDAQ:NVCR) – Investment analysts at HC Wainwright increased their FY2024 earnings per share (EPS) estimates for NovoCure in a research report issued to clients and investors on Wednesday, October 30th. HC Wainwright analyst E. Bodnar now anticipates that the medical equipment provider will earn ($1.30) per share for the year, up from their prior estimate of ($1.33). HC Wainwright has a “Buy” rating and a $30.00 price objective on the stock. The consensus estimate for NovoCure’s current full-year earnings is ($1.32) per share. HC Wainwright also issued estimates for NovoCure’s Q4 2024 earnings at ($0.35) EPS, FY2025 earnings at ($1.56) EPS, FY2026 earnings at ($1.84) EPS, FY2027 earnings at ($1.12) EPS and FY2028 earnings at ($0.62) EPS.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.06. The company had revenue of $155.10 million during the quarter, compared to analyst estimates of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The firm’s revenue was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.46) EPS.

Other equities research analysts have also issued reports about the company. Evercore ISI cut their price objective on NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a research note on Tuesday, October 1st. Wedbush reissued an “outperform” rating and issued a $24.00 price objective on shares of NovoCure in a research note on Thursday, July 25th. Finally, Wells Fargo & Company decreased their price objective on NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.17.

NovoCure Stock Up 6.6 %

NVCR stock opened at $16.18 on Monday. The stock has a market capitalization of $1.75 billion, a P/E ratio of -11.56 and a beta of 0.71. NovoCure has a 52 week low of $10.87 and a 52 week high of $24.74. The firm has a 50-day simple moving average of $16.76 and a 200-day simple moving average of $17.96. The company has a quick ratio of 6.22, a current ratio of 1.49 and a debt-to-equity ratio of 0.27.

Institutional Investors Weigh In On NovoCure

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Lombard Odier Asset Management USA Corp grew its holdings in NovoCure by 5.4% in the 2nd quarter. Lombard Odier Asset Management USA Corp now owns 10,862 shares of the medical equipment provider’s stock valued at $186,000 after buying an additional 557 shares in the last quarter. Arizona State Retirement System increased its position in NovoCure by 2.1% during the second quarter. Arizona State Retirement System now owns 28,481 shares of the medical equipment provider’s stock worth $488,000 after purchasing an additional 581 shares during the last quarter. Signaturefd LLC raised its stake in NovoCure by 61.7% during the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock worth $28,000 after purchasing an additional 627 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in NovoCure by 21.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider’s stock valued at $61,000 after purchasing an additional 701 shares during the last quarter. Finally, Ridgewood Investments LLC purchased a new stake in shares of NovoCure in the 2nd quarter valued at approximately $28,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

About NovoCure

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.