Shares of Novocure Ltd (NASDAQ:NVCR) have been given a consensus recommendation of “Buy” by the nine ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $50.50.
Several research analysts have issued reports on the stock. Wells Fargo & Co lifted their target price on shares of Novocure from $40.00 to $48.00 and gave the stock an “outperform” rating in a report on Thursday, September 6th. BidaskClub raised shares of Novocure from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 16th. Wedbush reaffirmed an “outperform” rating and issued a $40.00 target price (down from $50.00) on shares of Novocure in a report on Friday, September 7th. Mizuho reaffirmed a “buy” rating and issued a $58.00 target price on shares of Novocure in a report on Thursday, September 6th. Finally, ValuEngine raised shares of Novocure from a “buy” rating to a “strong-buy” rating in a report on Friday, August 3rd.
In other news, CFO Wilhelmus Cm Groenhuysen sold 1,241 shares of Novocure stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $35.01, for a total value of $43,447.41. Following the completion of the sale, the chief financial officer now directly owns 115,644 shares in the company, valued at $4,048,696.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Yoram Palti sold 12,216 shares of Novocure stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $40.00, for a total transaction of $488,640.00. The disclosure for this sale can be found here. Insiders sold 198,518 shares of company stock valued at $7,543,993 over the last ninety days. Corporate insiders own 15.30% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Seven Eight Capital LP bought a new stake in shares of Novocure in the third quarter worth approximately $2,531,000. Essex Investment Management Co. LLC grew its stake in shares of Novocure by 2.8% in the third quarter. Essex Investment Management Co. LLC now owns 169,127 shares of the medical equipment provider’s stock worth $8,862,000 after acquiring an additional 4,550 shares during the period. Bank of Montreal Can grew its stake in shares of Novocure by 96.1% in the third quarter. Bank of Montreal Can now owns 18,394 shares of the medical equipment provider’s stock worth $963,000 after acquiring an additional 9,015 shares during the period. Northern Trust Corp grew its stake in shares of Novocure by 35.9% in the second quarter. Northern Trust Corp now owns 756,959 shares of the medical equipment provider’s stock worth $23,693,000 after acquiring an additional 199,998 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Novocure by 83.8% in the second quarter. Bank of New York Mellon Corp now owns 365,923 shares of the medical equipment provider’s stock worth $11,453,000 after acquiring an additional 166,834 shares during the period. Hedge funds and other institutional investors own 56.03% of the company’s stock.
NASDAQ NVCR traded down $1.96 during trading hours on Friday, reaching $43.08. 19,892 shares of the company’s stock traded hands, compared to its average volume of 812,531. Novocure has a 52-week low of $16.90 and a 52-week high of $53.70. The stock has a market cap of $4.22 billion, a P/E ratio of -64.83 and a beta of 3.30. The company has a debt-to-equity ratio of 1.33, a current ratio of 6.41 and a quick ratio of 5.97.
Novocure (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, July 26th. The medical equipment provider reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). Novocure had a negative net margin of 26.99% and a negative return on equity of 52.34%. The business had revenue of $61.50 million for the quarter, compared to analysts’ expectations of $59.53 million. Novocure’s quarterly revenue was up 60.2% on a year-over-year basis. Research analysts expect that Novocure will post -0.7 earnings per share for the current fiscal year.
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.
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