Evercore ISI Upgrades NovoCure (NASDAQ:NVCR) to “Outperform”

NovoCure (NASDAQ:NVCR) was upgraded by stock analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued to investors on Monday, MarketBeat reports. The firm presently has a $30.00 price target on the medical equipment provider’s stock, up from their prior price target of $18.00. Evercore ISI’s target price suggests a potential downside of 1.67% from the stock’s current price.

Separately, HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of NovoCure in a research report on Thursday, November 21st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, NovoCure has an average rating of “Moderate Buy” and a consensus price target of $30.33.

NovoCure Stock Performance

NASDAQ NVCR opened at $30.51 on Monday. NovoCure has a fifty-two week low of $11.66 and a fifty-two week high of $32.60. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49. The stock’s fifty day moving average is $17.19 and its two-hundred day moving average is $18.51. The firm has a market capitalization of $3.30 billion, a P/E ratio of -21.79 and a beta of 0.75.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.06. The company had revenue of $155.10 million for the quarter, compared to the consensus estimate of $143.95 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The company’s revenue for the quarter was up 21.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.46) earnings per share. On average, research analysts anticipate that NovoCure will post -1.31 earnings per share for the current year.

Hedge Funds Weigh In On NovoCure

Several hedge funds have recently added to or reduced their stakes in NVCR. Nordwand Advisors LLC boosted its stake in shares of NovoCure by 100.0% during the 3rd quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock worth $47,356,000 after purchasing an additional 1,514,824 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of NovoCure by 171.9% during the second quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock worth $13,022,000 after purchasing an additional 480,600 shares in the last quarter. Panagora Asset Management Inc. boosted its holdings in NovoCure by 309.8% in the 2nd quarter. Panagora Asset Management Inc. now owns 409,794 shares of the medical equipment provider’s stock worth $7,020,000 after acquiring an additional 309,805 shares during the period. AQR Capital Management LLC boosted its stake in shares of NovoCure by 234.2% in the second quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock valued at $7,391,000 after purchasing an additional 302,351 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in NovoCure by 56.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock valued at $7,194,000 after buying an additional 152,185 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.