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

Wedbush reissued their neutral rating on shares of NovoCure (NASDAQ:NVCR) in a research report released on Monday morning,RTT News reports. Wedbush currently has a $29.00 target price on the medical equipment provider’s stock.

Several other equities analysts have also recently weighed in on the company. Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $18.00 to $30.00 in a research note on Monday, December 2nd. HC Wainwright reissued a “buy” rating and set a $38.00 price target (up from $30.00) on shares of NovoCure in a research report on Monday, December 2nd. Finally, Piper Sandler upped their price objective on shares of NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Two 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, NovoCure presently has an average rating of “Moderate Buy” and a consensus price target of $32.67.

NovoCure Trading Down 0.3 %

NASDAQ:NVCR opened at $27.38 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. NovoCure has a one year low of $11.70 and a one year high of $34.13. The company has a market cap of $2.96 billion, a PE ratio of -19.56 and a beta of 0.64. The firm has a 50-day moving average of $25.33 and a 200-day moving average of $20.28.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The firm had revenue of $155.10 million during the quarter, compared to analyst estimates of $143.95 million. During the same period in the previous year, the company posted ($0.46) EPS. The company’s revenue for the quarter was up 21.8% on a year-over-year basis. As a group, equities research analysts expect that NovoCure will post -1.32 EPS for the current fiscal year.

Hedge Funds Weigh In On NovoCure

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. purchased a new position in NovoCure in the second quarter valued at about $34,000. Brooklyn Investment Group bought a new stake in shares of NovoCure in the 3rd quarter worth approximately $45,000. Venturi Wealth Management LLC lifted its stake in NovoCure by 58.5% in the third quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider’s stock valued at $57,000 after purchasing an additional 1,354 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in NovoCure by 21.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider’s stock valued at $61,000 after purchasing an additional 701 shares during the period. Finally, Versant Capital Management Inc increased its position in NovoCure by 35.8% in the fourth quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider’s stock worth $100,000 after buying an additional 880 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other 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.