FY2024 EPS Estimates for NovoCure Lifted by HC Wainwright

NovoCure Limited (NASDAQ:NVCR) – Analysts at HC Wainwright lifted their FY2024 earnings estimates for shares of NovoCure in a research report issued to clients and investors on Wednesday, October 30th. HC Wainwright analyst E. Bodnar now anticipates that the medical equipment provider will post earnings of ($1.30) per share for the year, up from their previous estimate of ($1.33). HC Wainwright has a “Buy” rating and a $30.00 price target on the stock. The consensus estimate for NovoCure’s current full-year earnings is ($1.32) per share. HC Wainwright also issued estimates for NovoCure’s Q4 2024 earnings at ($0.35) EPS, FY2025 earnings at ($1.56) EPS, FY2026 earnings at ($1.84) EPS, FY2027 earnings at ($1.12) EPS and FY2028 earnings at ($0.62) EPS.

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 the consensus estimate of ($0.34) by $0.06. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The firm had revenue of $155.10 million for the quarter, compared to analyst estimates of $143.95 million. During the same period in the prior year, the business posted ($0.46) EPS. The business’s revenue for the quarter was up 21.8% compared to the same quarter last year.

Several other research firms also recently issued reports on NVCR. Wells Fargo & Company cut their price objective on NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Evercore ISI reduced their price target on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 1st. Finally, Wedbush reissued an “outperform” rating and issued a $24.00 price objective on shares of NovoCure in a research note on Thursday, July 25th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.17.

NovoCure Stock Up 6.6 %

NASDAQ:NVCR opened at $16.18 on Monday. NovoCure has a 52 week low of $10.87 and a 52 week high of $24.74. The stock’s fifty day moving average is $16.76 and its two-hundred day moving average is $17.96. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of -11.56 and a beta of 0.71. The company has a quick ratio of 6.22, a current ratio of 1.49 and a debt-to-equity ratio of 0.27.

Hedge Funds Weigh In On NovoCure

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ridgewood Investments LLC acquired a new stake in NovoCure in the second quarter valued at approximately $28,000. Signaturefd LLC increased its holdings in NovoCure by 61.7% in the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock valued at $28,000 after buying an additional 627 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in NovoCure in the second quarter valued at $34,000. Fifth Third Bancorp purchased a new stake in NovoCure during the 2nd quarter worth about $43,000. Finally, Nisa Investment Advisors LLC acquired a new position in shares of NovoCure during the 2nd quarter worth about $48,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.