NovoCure (NASDAQ:NVCR) Stock Price Expected to Rise, Piper Sandler Analyst Says

NovoCure (NASDAQ:NVCR) had its price target hoisted by Piper Sandler from $28.00 to $42.00 in a research report released on Friday,Benzinga reports. Piper Sandler currently has an overweight rating on the medical equipment provider’s stock.

Other equities analysts also recently issued research reports about the stock. Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $18.00 to $30.00 in a report on Monday, December 2nd. HC Wainwright reaffirmed a “buy” rating and set a $38.00 price target (up previously from $30.00) on shares of NovoCure in a report on Monday, December 2nd. Finally, Wedbush reaffirmed a “neutral” rating and set a $29.00 price target (up previously from $24.00) on shares of NovoCure in a report on Monday, December 2nd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, NovoCure has an average rating of “Moderate Buy” and an average price target of $32.67.

NovoCure Stock Performance

NVCR opened at $33.41 on Friday. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The company has a market cap of $3.61 billion, a price-to-earnings ratio of -23.86 and a beta of 0.75. The company’s 50 day moving average is $19.48 and its 200 day moving average is $18.88. NovoCure has a 12-month low of $11.70 and a 12-month high of $34.00.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, topping 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 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 last year, the firm posted ($0.46) earnings per share. On average, equities research analysts predict that NovoCure will post -1.32 EPS for the current year.

Hedge Funds Weigh In On NovoCure

Hedge funds have recently modified their holdings of the stock. Ridgewood Investments LLC purchased a new position in shares of NovoCure in the second quarter worth $28,000. Signaturefd LLC lifted its holdings in shares of NovoCure by 61.7% in the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 627 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of NovoCure in the second quarter worth $34,000. Fifth Third Bancorp purchased a new position in shares of NovoCure in the second quarter worth $43,000. Finally, Nisa Investment Advisors LLC purchased a new position in shares of NovoCure in the second quarter worth $48,000. 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.