NovoCure (NASDAQ:NVCR) Price Target Cut to $18.00

NovoCure (NASDAQ:NVCR) had its price target reduced by stock analysts at Evercore ISI from $21.00 to $18.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an “in-line” rating on the medical equipment provider’s stock. Evercore ISI’s price objective points to a potential upside of 21.54% from the stock’s current price.

Several other brokerages also recently issued reports on NVCR. Wedbush reissued an “outperform” rating and issued a $24.00 price objective on shares of NovoCure in a research note on Thursday, July 25th. Wells Fargo & Company cut their price objective on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Finally, HC Wainwright boosted their price objective on shares of NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $25.17.

NovoCure Stock Down 5.2 %

Shares of NovoCure stock traded down $0.82 during midday trading on Tuesday, hitting $14.81. The company had a trading volume of 363,952 shares, compared to its average volume of 1,312,943. The stock has a market capitalization of $1.59 billion, a P/E ratio of -8.19 and a beta of 0.71. NovoCure has a 52-week low of $10.87 and a 52-week high of $24.74. The company has a debt-to-equity ratio of 1.81, a quick ratio of 6.22 and a current ratio of 6.46. The company has a 50 day moving average of $18.29 and a 200 day moving average of $17.62.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.09. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The company had revenue of $150.40 million for the quarter, compared to analysts’ expectations of $135.83 million. During the same period last year, the firm earned ($0.54) EPS. NovoCure’s revenue for the quarter was up 19.3% compared to the same quarter last year. On average, equities analysts predict that NovoCure will post -1.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NovoCure

A number of hedge funds and other institutional investors have recently modified their holdings of NVCR. Norges Bank purchased a new position in shares of NovoCure in the 4th quarter valued at $14,543,000. Renaissance Technologies LLC grew its position in shares of NovoCure by 171.9% in the 2nd quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock valued at $13,022,000 after buying an additional 480,600 shares during the last quarter. Invenomic Capital Management LP purchased a new position in NovoCure during the 4th quarter worth $6,479,000. Jacobs Levy Equity Management Inc. increased its stake in NovoCure by 305.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 475,226 shares of the medical equipment provider’s stock valued at $7,428,000 after purchasing an additional 358,062 shares during the period. Finally, Panagora Asset Management Inc. increased its stake in NovoCure by 309.8% in the second quarter. Panagora Asset Management Inc. now owns 409,794 shares of the medical equipment provider’s stock valued at $7,020,000 after purchasing an additional 309,805 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.