NovoCure (NASDAQ:NVCR) Receives Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of NovoCure (NASDAQ:NVCR) in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a $30.00 target price on the medical equipment provider’s stock.

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

NovoCure Stock Performance

NovoCure stock opened at $17.73 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49. NovoCure has a fifty-two week low of $11.29 and a fifty-two week high of $24.74. The stock has a fifty day moving average of $16.50 and a two-hundred day moving average of $18.36. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of -12.66 and a beta of 0.71.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.06. The firm had revenue of $155.10 million during the quarter, compared to the consensus estimate 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 for the quarter was up 21.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.46) EPS. On average, analysts anticipate that NovoCure will post -1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On NovoCure

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its holdings in NovoCure by 247.3% in the first quarter. Russell Investments Group Ltd. now owns 130,282 shares of the medical equipment provider’s stock valued at $2,036,000 after purchasing an additional 92,771 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of NovoCure by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 10,023,981 shares of the medical equipment provider’s stock valued at $156,675,000 after buying an additional 264,883 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of NovoCure during the first quarter worth approximately $113,000. Price T Rowe Associates Inc. MD increased its stake 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 during the last quarter. Finally, Aristides Capital LLC acquired a new stake in NovoCure in the first quarter valued at $178,000. 84.61% of the stock is owned by hedge funds and other 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.