NovoCure FY2024 EPS Forecast Boosted by Leerink Partnrs

NovoCure Limited (NASDAQ:NVCR) – Equities research analysts at Leerink Partnrs increased their FY2024 earnings per share estimates for shares of NovoCure in a research note issued on Wednesday, October 30th. Leerink Partnrs analyst J. Chang now anticipates that the medical equipment provider will post earnings of ($1.35) per share for the year, up from their prior forecast of ($1.37). The consensus estimate for NovoCure’s current full-year earnings is ($1.32) per share. Leerink Partnrs also issued estimates for NovoCure’s Q4 2024 earnings at ($0.39) EPS and FY2025 earnings at ($1.93) EPS.

A number of other brokerages also recently issued reports on NVCR. HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of NovoCure in a research report on Thursday. Evercore ISI reduced their target price 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 reiterated an “outperform” rating and issued a $24.00 target price on shares of NovoCure in a report on Thursday, July 25th. Finally, Wells Fargo & Company reduced their price objective on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, July 26th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, NovoCure has an average rating of “Moderate Buy” and an average target price of $26.17.

NovoCure Stock Performance

Shares of NovoCure stock opened at $16.18 on Monday. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of -11.56 and a beta of 0.71. NovoCure has a twelve month low of $10.87 and a twelve month high of $24.74. The company’s fifty day moving average is $16.76 and its 200 day moving average is $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.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC boosted its holdings in shares of NovoCure by 57.3% in the first quarter. SG Americas Securities LLC now owns 359,518 shares of the medical equipment provider’s stock worth $5,619,000 after acquiring an additional 130,927 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of NovoCure by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,378,940 shares of the medical equipment provider’s stock worth $37,184,000 after buying an additional 125,715 shares in the last quarter. Tidal Investments LLC purchased a new stake in shares of NovoCure in the first quarter worth $695,000. Federated Hermes Inc. boosted its stake in NovoCure by 5.8% during the second quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock valued at $12,726,000 after buying an additional 40,870 shares during the period. Finally, Bank of New York Mellon Corp grew its position in NovoCure by 56.8% during the second quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock worth $7,194,000 after buying an additional 152,185 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

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.