NovoCure (NASDAQ:NVCR) Given Neutral Rating at Wedbush

Wedbush restated their neutral rating on shares of NovoCure (NASDAQ:NVCR) in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a $18.00 price objective on the medical equipment provider’s stock.

NVCR has been the subject of several other reports. Evercore set a $20.00 price target on shares of NovoCure in a research note on Monday, January 5th. HC Wainwright raised their price target on shares of NovoCure from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NovoCure in a research note on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, NovoCure presently has a consensus rating of “Hold” and a consensus target price of $26.93.

NovoCure Price Performance

Shares of NVCR opened at $12.62 on Thursday. The stock has a market capitalization of $1.44 billion, a P/E ratio of -10.34 and a beta of 0.82. NovoCure has a twelve month low of $9.82 and a twelve month high of $20.06. The company has a 50 day moving average of $11.75 and a 200-day moving average of $12.54. The company has a quick ratio of 2.71, a current ratio of 2.90 and a debt-to-equity ratio of 0.70.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, February 26th. The medical equipment provider reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.19. The company had revenue of $174.35 million during the quarter, compared to analysts’ expectations of $174.40 million. NovoCure had a negative net margin of 20.79% and a negative return on equity of 39.11%. The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the business earned ($0.61) EPS. As a group, equities research analysts forecast that NovoCure will post -1.3 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Chairman William F. Doyle sold 71,887 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $12.98, for a total value of $933,093.26. Following the completion of the sale, the chairman owned 328,397 shares of the company’s stock, valued at approximately $4,262,593.06. This represents a 17.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Frank X. Leonard sold 5,607 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $13.31, for a total value of $74,629.17. Following the completion of the sale, the chief executive officer directly owned 493,793 shares of the company’s stock, valued at approximately $6,572,384.83. The trade was a 1.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 140,041 shares of company stock worth $1,860,116 in the last quarter. 5.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On NovoCure

Several large investors have recently made changes to their positions in NVCR. Arizona State Retirement System increased its position in shares of NovoCure by 3.0% in the third quarter. Arizona State Retirement System now owns 31,313 shares of the medical equipment provider’s stock worth $405,000 after purchasing an additional 916 shares during the period. Larson Financial Group LLC grew its position in NovoCure by 25.2% in the fourth quarter. Larson Financial Group LLC now owns 5,133 shares of the medical equipment provider’s stock valued at $66,000 after acquiring an additional 1,033 shares during the last quarter. Alliancebernstein L.P. grew its position in NovoCure by 0.8% in the third quarter. Alliancebernstein L.P. now owns 137,106 shares of the medical equipment provider’s stock valued at $1,771,000 after acquiring an additional 1,076 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in NovoCure by 25.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,442 shares of the medical equipment provider’s stock valued at $70,000 after acquiring an additional 1,120 shares during the last quarter. Finally, Royal Bank of Canada grew its position in NovoCure by 14.9% in the fourth quarter. Royal Bank of Canada now owns 12,830 shares of the medical equipment provider’s stock valued at $166,000 after acquiring an additional 1,667 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

NovoCure Company Profile

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.