NovoCure (NASDAQ:NVCR) Rating Increased to Buy at HC Wainwright

HC Wainwright upgraded shares of NovoCure (NASDAQ:NVCR) from a neutral rating to a buy rating in a research report released on Wednesday, MarketBeat Ratings reports. HC Wainwright currently has $30.00 price target on the medical equipment provider’s stock, up from their previous price target of $24.00. HC Wainwright also issued estimates for NovoCure’s Q4 2024 earnings at ($0.38) EPS, FY2024 earnings at ($1.33) 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.

NVCR has been the topic of a number of other research reports. Wells Fargo & Company dropped their price target on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. Wedbush restated an “outperform” rating and issued a $24.00 target price on shares of NovoCure in a report on Thursday, July 25th. Finally, Evercore ISI decreased their price target on NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a report on Tuesday, October 1st. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, NovoCure presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.17.

NovoCure Stock Performance

NASDAQ:NVCR opened at $17.21 on Wednesday. The stock’s 50-day moving average is $17.06 and its 200-day moving average is $17.74. NovoCure has a 1-year low of $10.87 and a 1-year high of $24.74. The company has a current ratio of 6.46, a quick ratio of 6.22 and a debt-to-equity ratio of 1.81. The stock has a market cap of $1.86 billion, a P/E ratio of -10.89 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) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.09. The firm had revenue of $150.40 million for the quarter, compared to analyst estimates of $135.83 million. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The business’s revenue was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.54) EPS. Equities research analysts anticipate that NovoCure will post -1.34 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

Several hedge funds and other institutional investors have recently bought and sold shares of NVCR. Renaissance Technologies LLC increased its position in 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 in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of 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 worth $7,428,000 after purchasing an additional 358,062 shares in the last quarter. Panagora Asset Management Inc. increased its stake in NovoCure by 309.8% during the 2nd 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 in the last quarter. AQR Capital Management LLC raised its holdings in NovoCure by 234.2% during the second quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock worth $7,391,000 after buying an additional 302,351 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of NovoCure by 2.7% in the 1st 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 last quarter. 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.