Wells Fargo & Co reissued their market perform rating on shares of Novocure (NASDAQ:NVCR) in a research report released on Tuesday, MarketBeat Ratings reports. They currently have a $36.00 target price on the medical equipment provider’s stock, down from their prior target price of $41.00.
NVCR has been the subject of several other reports. Deutsche Bank downgraded Novocure from a buy rating to a hold rating in a research report on Wednesday, July 25th. They noted that the move was a valuation call. BidaskClub downgraded Novocure from a buy rating to a hold rating in a research report on Saturday, October 27th. Wedbush lifted their target price on Novocure from $33.00 to $40.00 and gave the company an outperform rating in a research report on Friday, July 27th. Zacks Investment Research downgraded Novocure from a hold rating to a sell rating in a research report on Thursday, September 27th. Finally, JPMorgan Chase & Co. lifted their target price on Novocure from $30.00 to $44.00 and gave the company an overweight rating in a research report on Friday, July 27th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Novocure has an average rating of Buy and a consensus price target of $48.00.
NVCR traded down $2.37 on Tuesday, hitting $32.36. The company had a trading volume of 74,486 shares, compared to its average volume of 1,090,936. The firm has a market cap of $2.98 billion, a P/E ratio of -46.21 and a beta of 3.30. Novocure has a 1 year low of $16.90 and a 1 year high of $53.70. The company has a current ratio of 6.17, a quick ratio of 5.72 and a debt-to-equity ratio of 1.30.
Novocure (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, October 25th. The medical equipment provider reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.02. The firm had revenue of $64.76 million for the quarter, compared to analyst estimates of $65.61 million. Novocure had a negative net margin of 25.37% and a negative return on equity of 52.72%. Equities research analysts forecast that Novocure will post -0.68 earnings per share for the current year.
In related news, CFO Wilhelmus Cm Groenhuysen sold 31,179 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $37.67, for a total transaction of $1,174,512.93. Following the completion of the sale, the chief financial officer now owns 72,671 shares in the company, valued at $2,737,516.57. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Yoram Palti sold 12,216 shares of the business’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $40.00, for a total value of $488,640.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 134,550 shares of company stock valued at $5,300,083. 15.30% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC lifted its stake in Novocure by 12.6% in the second quarter. FMR LLC now owns 7,862,121 shares of the medical equipment provider’s stock valued at $246,084,000 after buying an additional 881,776 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Novocure by 22.4% during the second quarter. BlackRock Inc. now owns 4,620,546 shares of the medical equipment provider’s stock valued at $144,623,000 after acquiring an additional 846,277 shares during the last quarter. Baillie Gifford & Co. boosted its stake in shares of Novocure by 12.5% during the second quarter. Baillie Gifford & Co. now owns 3,093,395 shares of the medical equipment provider’s stock valued at $96,823,000 after acquiring an additional 343,756 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in shares of Novocure by 74.2% during the first quarter. Allianz Asset Management GmbH now owns 928,025 shares of the medical equipment provider’s stock valued at $20,231,000 after acquiring an additional 395,316 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Novocure by 35.9% during the second quarter. Northern Trust Corp now owns 756,959 shares of the medical equipment provider’s stock valued at $23,693,000 after acquiring an additional 199,998 shares during the last quarter. Institutional investors own 55.67% of the company’s stock.
Novocure Ltd. operates as an oncology company. It enages in developing its propriety technoclogy, Tumor Treating Fields, which uses electric fields tuned to specific frequencies to disrupt cancer cell division, inhibiting tumor growth, and causing affected cancer cells to die. The company was founded by Yoram Palti in 2000 and is headquartered in St.
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