NovoCure (NASDAQ:NVCR) Price Target Lowered to $40.00 at Wells Fargo & Company

NovoCure (NASDAQ:NVCR) had its price target decreased by Wells Fargo & Company from $42.00 to $40.00 in a research note released on Friday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the medical equipment provider’s stock.

Other equities research analysts also recently issued research reports about the company. Wedbush reissued an outperform rating and set a $24.00 price target on shares of NovoCure in a research report on Thursday. Piper Sandler restated an overweight rating and set a $28.00 price objective (up previously from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. HC Wainwright boosted their price objective on NovoCure from $22.00 to $24.00 and gave the stock a neutral rating in a research note on Friday. Finally, Evercore ISI boosted their price objective on NovoCure from $14.50 to $20.00 and gave the stock an in-line rating in a research note on Tuesday, July 2nd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $31.88.

NovoCure Trading Up 2.0 %

Shares of NASDAQ:NVCR opened at $19.02 on Friday. The company has a quick ratio of 5.99, a current ratio of 6.26 and a debt-to-equity ratio of 1.59. NovoCure has a 52 week low of $10.87 and a 52 week high of $41.51. The business has a fifty day simple moving average of $19.84 and a 200-day simple moving average of $16.53.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.09. NovoCure had a negative return on equity of 45.37% and a negative net margin of 30.67%. The business had revenue of $150.40 million during the quarter, compared to the consensus estimate of $135.83 million. During the same quarter in the previous year, the business earned ($0.54) earnings per share. The business’s revenue for the quarter was up 19.3% on a year-over-year basis. On average, sell-side analysts predict that NovoCure will post -1.59 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of NovoCure by 2.7% in the first quarter. Vanguard Group Inc. now owns 10,023,981 shares of the medical equipment provider’s stock worth $156,675,000 after acquiring an additional 264,883 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of NovoCure by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,378,940 shares of the medical equipment provider’s stock worth $37,184,000 after acquiring an additional 125,715 shares in the last quarter. Norges Bank acquired a new position in shares of NovoCure in the fourth quarter worth about $14,543,000. Federated Hermes Inc. lifted its stake in shares of NovoCure by 807.8% in the fourth quarter. Federated Hermes Inc. now owns 616,792 shares of the medical equipment provider’s stock worth $9,209,000 after acquiring an additional 548,852 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of NovoCure by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 551,775 shares of the medical equipment provider’s stock worth $8,238,000 after acquiring an additional 10,510 shares in the last quarter. Institutional investors and hedge funds 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.