NovoCure Limited (NASDAQ:NVCR) Receives $31.25 Consensus Target Price from Analysts

Shares of NovoCure Limited (NASDAQ:NVCR) have been assigned an average recommendation of “Moderate Buy” from the nine brokerages that are covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $31.25.

A number of research firms recently weighed in on NVCR. Wedbush reaffirmed an “outperform” rating and set a $24.00 price target (up from $21.00) on shares of NovoCure in a report on Monday, June 3rd. Wells Fargo & Company cut their price target on NovoCure from $49.00 to $42.00 and set an “overweight” rating for the company in a report on Wednesday, April 3rd. Piper Sandler reissued an “overweight” rating and set a $28.00 price objective (up previously from $25.00) on shares of NovoCure in a report on Wednesday, April 10th. Evercore ISI boosted their target price on shares of NovoCure from $14.00 to $15.00 and gave the stock an “in-line” rating in a research note on Friday, February 23rd. Finally, HC Wainwright reiterated a “neutral” rating and set a $22.00 target price on shares of NovoCure in a research report on Tuesday, June 4th.

Hedge Funds Weigh In On NovoCure

Several large investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its holdings in NovoCure by 278.0% in the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock valued at $45,000 after purchasing an additional 2,118 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of NovoCure by 1,113.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider’s stock valued at $80,000 after acquiring an additional 4,700 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of NovoCure in the 3rd quarter valued at approximately $85,000. PNC Financial Services Group Inc. boosted its stake in NovoCure by 36.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,522 shares of the medical equipment provider’s stock worth $89,000 after acquiring an additional 1,461 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in NovoCure during the first quarter valued at approximately $113,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

NovoCure Stock Down 0.5 %

Shares of NASDAQ NVCR opened at $19.07 on Wednesday. The business has a fifty day moving average of $18.34 and a two-hundred day moving average of $15.79. The company has a debt-to-equity ratio of 1.59, a quick ratio of 5.99 and a current ratio of 6.26. NovoCure has a 52-week low of $10.87 and a 52-week high of $45.21. The stock has a market cap of $2.05 billion, a PE ratio of -10.54 and a beta of 0.78.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.07. The firm had revenue of $138.50 million during the quarter, compared to the consensus estimate of $131.44 million. NovoCure had a negative net margin of 36.67% and a negative return on equity of 50.35%. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period last year, the firm posted ($0.50) EPS. As a group, equities research analysts expect that NovoCure will post -1.59 earnings per share for the current fiscal year.

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.