NovoCure (NASDAQ:NVCR) Receives “Neutral” Rating from Wedbush

NovoCure (NASDAQ:NVCR)‘s stock had its “neutral” rating reaffirmed by stock analysts at Wedbush in a report released on Monday,RTT News reports. They presently have a $29.00 price target on the medical equipment provider’s stock, up from their prior price target of $24.00. Wedbush’s price target would indicate a potential downside of 4.95% from the company’s previous close.

Other research analysts have also issued reports about the stock. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 price target (up from $30.00) on shares of NovoCure in a research note on Monday. Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and raised their target price for the company from $18.00 to $30.00 in a research report on Monday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, NovoCure currently has a consensus rating of “Moderate Buy” and an average price target of $30.33.

NovoCure Stock Up 2.2 %

NovoCure stock opened at $30.51 on Monday. NovoCure has a 12 month low of $11.66 and a 12 month high of $32.60. The stock has a market capitalization of $3.30 billion, a PE ratio of -21.79 and a beta of 0.75. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. The business has a 50 day simple moving average of $17.19 and a 200-day simple moving average of $18.51.

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

Hedge Funds Weigh In On NovoCure

A number of institutional investors have recently added to or reduced their stakes in NVCR. Nordwand Advisors LLC increased its stake in shares of NovoCure by 100.0% in the 3rd quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock worth $47,356,000 after acquiring an additional 1,514,824 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of NovoCure by 171.9% during the 2nd quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock valued at $13,022,000 after acquiring an additional 480,600 shares during the last quarter. Panagora Asset Management Inc. grew its holdings in shares of 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. AQR Capital Management LLC increased its position 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 purchasing an additional 302,351 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in NovoCure by 56.8% during the second quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock worth $7,194,000 after purchasing an additional 152,185 shares during the period. 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.