NovoCure Sees Unusually High Options Volume (NASDAQ:NVCR)

NovoCure Limited (NASDAQ:NVCR) was the recipient of unusually large options trading on Wednesday. Stock traders acquired 6,407 call options on the company. This represents an increase of 587% compared to the typical volume of 932 call options.

Wall Street Analyst Weigh In

NVCR has been the subject of a number of research analyst reports. Evercore ISI cut their target price on NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a research report on Tuesday, October 1st. HC Wainwright raised shares of NovoCure from a “neutral” rating to a “buy” rating and upped their price target for the stock from $24.00 to $30.00 in a research note on Wednesday. Wedbush reiterated an “outperform” rating and issued a $24.00 price objective on shares of NovoCure in a report on Thursday, July 25th. Finally, Wells Fargo & Company decreased their price target on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, NovoCure presently has an average rating of “Moderate Buy” and a consensus target price of $26.17.

Institutional Investors Weigh In On NovoCure

Several hedge funds have recently bought and sold shares of NVCR. Vanguard Group Inc. raised its holdings in shares of NovoCure by 2.7% during the first quarter. Vanguard Group Inc. now owns 10,023,981 shares of the medical equipment provider’s stock worth $156,675,000 after acquiring an additional 264,883 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of NovoCure by 5.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,378,940 shares of the medical equipment provider’s stock valued at $37,184,000 after purchasing an additional 125,715 shares during the period. Renaissance Technologies LLC raised its holdings 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 purchasing an additional 480,600 shares during the period. Federated Hermes Inc. raised its holdings in shares of NovoCure by 5.8% in the 2nd quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock valued at $12,726,000 after purchasing an additional 40,870 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its stake in NovoCure by 305.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 475,226 shares of the medical equipment provider’s stock valued at $7,428,000 after buying an additional 358,062 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

NovoCure Price Performance

NVCR opened at $16.90 on Friday. NovoCure has a one year low of $10.87 and a one year high of $24.74. The company has a debt-to-equity ratio of 1.81, a current ratio of 6.46 and a quick ratio of 6.22. The company’s 50 day simple moving average is $17.09 and its 200-day simple moving average is $17.71. The stock has a market capitalization of $1.82 billion, a P/E ratio of -9.34 and a beta of 0.70.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.09. NovoCure had a negative net margin of 30.67% and a negative return on equity of 45.68%. The firm 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) earnings per share. The business’s revenue for the quarter was up 19.3% on a year-over-year basis. Sell-side analysts anticipate that NovoCure will post -1.34 earnings per share for the current fiscal year.

NovoCure Company Profile

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.