NovoCure’s (NVCR) Neutral Rating Reiterated at Wedbush

NovoCure (NASDAQ:NVCR)‘s stock had its “neutral” rating restated by equities researchers at Wedbush in a research note issued to investors on Wednesday, RTT News reports. They presently have a $21.00 price target on the medical equipment provider’s stock. Wedbush’s price target suggests a potential upside of 43.44% from the company’s current price.

A number of other equities research analysts have also commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of NovoCure from $15.00 to $17.00 and gave the stock a “neutral” rating in a report on Tuesday, March 19th. HC Wainwright raised their price objective on shares of NovoCure from $22.00 to $24.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Evercore ISI lifted their price target on shares of NovoCure from $14.00 to $15.00 and gave the company an “in-line” rating in a research note on Friday, February 23rd. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $34.13.

NovoCure Trading Up 12.0 %

Shares of NASDAQ NVCR traded up $1.57 during midday trading on Wednesday, reaching $14.64. 11,930,724 shares of the stock were exchanged, compared to its average volume of 1,384,558. The business has a 50-day simple moving average of $14.91 and a two-hundred day simple moving average of $14.46. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -7.51 and a beta of 0.41. NovoCure has a 12 month low of $10.87 and a 12 month high of $83.60. The company has a debt-to-equity ratio of 1.57, a current ratio of 5.78 and a quick ratio of 5.56.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings results on Thursday, February 22nd. The medical equipment provider reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.08. The company had revenue of $133.80 million for the quarter, compared to analysts’ expectations of $133.80 million. NovoCure had a negative net margin of 40.65% and a negative return on equity of 51.63%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.36) earnings per share. As a group, equities research analysts expect that NovoCure will post -1.73 EPS for the current year.

Insider Transactions at NovoCure

In other news, EVP Frank X. Leonard sold 1,679 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $16.03, for a total transaction of $26,914.37. Following the transaction, the executive vice president now directly owns 160,938 shares in the company, valued at approximately $2,579,836.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Frank X. Leonard sold 2,078 shares of NovoCure stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $16.14, for a total transaction of $33,538.92. Following the completion of the sale, the executive vice president now owns 162,617 shares of the company’s stock, valued at approximately $2,624,638.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Frank X. Leonard sold 1,679 shares of NovoCure stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $16.03, for a total transaction of $26,914.37. Following the sale, the executive vice president now directly owns 160,938 shares of the company’s stock, valued at approximately $2,579,836.14. The disclosure for this sale can be found here. Insiders have sold 7,921 shares of company stock worth $127,161 in the last ninety days. Insiders own 5.67% of the company’s stock.

Institutional Trading of NovoCure

Several hedge funds and other institutional investors have recently modified their holdings of NVCR. Norges Bank bought a new stake in shares of NovoCure during the 4th quarter worth about $14,543,000. BlackRock Inc. boosted its holdings in NovoCure by 9.5% in the 1st quarter. BlackRock Inc. now owns 8,324,921 shares of the medical equipment provider’s stock valued at $500,661,000 after purchasing an additional 719,265 shares during the period. Federated Hermes Inc. boosted its holdings in NovoCure by 807.8% in the 4th quarter. Federated Hermes Inc. now owns 616,792 shares of the medical equipment provider’s stock valued at $9,209,000 after purchasing an additional 548,852 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in NovoCure by 22.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,655,686 shares of the medical equipment provider’s stock valued at $159,714,000 after purchasing an additional 487,255 shares during the period. Finally, Invenomic Capital Management LP bought a new stake in NovoCure in the 4th quarter valued at about $6,479,000. 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.