NovoCure (NASDAQ:NVCR) PT Raised to $20.00

NovoCure (NASDAQ:NVCR) had its price target lifted by stock analysts at Evercore ISI from $14.50 to $20.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “in-line” rating on the medical equipment provider’s stock. Evercore ISI’s price objective points to a potential upside of 18.55% from the company’s current price.

A number of other equities analysts have also weighed in on NVCR. Wedbush reaffirmed an “outperform” rating and issued a $24.00 target price (up from $21.00) on shares of NovoCure in a research note on Monday, June 3rd. Wells Fargo & Company reduced their target price on shares of NovoCure from $49.00 to $42.00 and set an “overweight” rating for the company in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. upped their target price on shares of NovoCure from $15.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 19th. Piper Sandler reaffirmed an “overweight” rating and issued a $28.00 target price (up from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. Finally, HC Wainwright reaffirmed a “neutral” rating and issued a $22.00 target price on shares of NovoCure in a research note on Tuesday, June 4th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $31.88.

NovoCure Price Performance

NVCR opened at $16.87 on Tuesday. The company has a quick ratio of 5.99, a current ratio of 6.26 and a debt-to-equity ratio of 1.59. NovoCure has a 12 month low of $10.87 and a 12 month high of $42.69. The company has a fifty day simple moving average of $19.20 and a 200 day simple moving average of $16.07. The stock has a market cap of $1.82 billion, a P/E ratio of -9.32 and a beta of 0.70.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.07. NovoCure had a negative net margin of 36.67% and a negative return on equity of 50.35%. The business had revenue of $138.50 million during the quarter, compared to analysts’ expectations of $131.44 million. During the same quarter in the prior year, the company earned ($0.50) EPS. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. On average, research analysts expect that NovoCure will post -1.59 EPS for the current year.

Institutional Investors Weigh In On NovoCure

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of NovoCure by 278.0% in the 1st 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 period. Daiwa Securities Group Inc. raised its holdings 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 purchasing an additional 4,700 shares during the period. Acadian Asset Management LLC bought a new stake in shares of NovoCure in the 3rd quarter valued at about $85,000. PNC Financial Services Group Inc. raised its holdings in NovoCure by 36.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 5,522 shares of the medical equipment provider’s stock valued at $89,000 after acquiring an additional 1,461 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in NovoCure in the 1st quarter valued at about $113,000. 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.