HC Wainwright Decreases Earnings Estimates for NovoCure

NovoCure Limited (NASDAQ:NVCR) – Stock analysts at HC Wainwright dropped their FY2024 earnings per share (EPS) estimates for NovoCure in a research report issued on Wednesday, October 16th. HC Wainwright analyst E. Bodnar now expects that the medical equipment provider will post earnings of ($1.33) per share for the year, down from their previous estimate of ($1.32). HC Wainwright currently has a “Buy” rating and a $30.00 target price on the stock. The consensus estimate for NovoCure’s current full-year earnings is ($1.34) per share. HC Wainwright also issued estimates for NovoCure’s Q4 2024 earnings at ($0.38) EPS, FY2025 earnings at ($1.63) EPS, FY2026 earnings at ($1.72) EPS, FY2027 earnings at ($0.60) EPS and FY2028 earnings at ($0.12) EPS.

A number of other equities research analysts have also recently issued reports on NVCR. Evercore ISI cut their price objective on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a research note on Tuesday, October 1st. 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 dropped their target price on 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 assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $26.17.

NovoCure Stock Up 1.8 %

Shares of NVCR opened at $17.21 on Friday. NovoCure has a 1 year low of $10.87 and a 1 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 stock has a 50 day simple moving average of $17.06 and a two-hundred day simple moving average of $17.72. The firm has a market cap of $1.85 billion, a P/E ratio of -9.51 and a beta of 0.70.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.09. The business had revenue of $150.40 million for the quarter, compared to the consensus estimate of $135.83 million. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The company’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.54) earnings per share.

Hedge Funds Weigh In On NovoCure

Several institutional investors and hedge funds have recently added to or reduced their stakes in NVCR. Ridgewood Investments LLC purchased a new position in NovoCure during the 2nd quarter valued at about $28,000. Signaturefd LLC grew its stake in shares of NovoCure by 61.7% in the 2nd quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 627 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in NovoCure during the 2nd quarter valued at approximately $34,000. Fifth Third Bancorp purchased a new position in NovoCure during the second quarter valued at $43,000. Finally, GAMMA Investing LLC raised its stake in NovoCure by 278.0% during the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock valued at $45,000 after buying an additional 2,118 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.