NovoCure (NASDAQ:NVCR) Trading 7.6% Higher – Should You Buy?

NovoCure Limited (NASDAQ:NVCR) traded up 7.6% during trading on Wednesday . The company traded as high as $19.27 and last traded at $19.24. 146,940 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 1,270,983 shares. The stock had previously closed at $17.88.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 target price on shares of NovoCure in a research report on Thursday, November 21st. Evercore ISI cut 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 note on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $26.17.

NovoCure Price Performance

The stock’s 50 day moving average is $16.52 and its two-hundred day moving average is $18.39. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. The stock has a market capitalization of $2.06 billion, a PE ratio of -13.74 and a beta of 0.71.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.06. The company had revenue of $155.10 million for the quarter, compared to analyst estimates of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The firm’s revenue was up 21.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.46) earnings per share. As a group, sell-side analysts forecast that NovoCure Limited will post -1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NovoCure

Hedge funds have recently modified their holdings of the stock. Ridgewood Investments LLC acquired a new stake in shares of NovoCure during the second quarter worth $28,000. Signaturefd LLC lifted 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 acquiring an additional 627 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in NovoCure in the second quarter valued at $34,000. Fifth Third Bancorp acquired a new stake in NovoCure in the second quarter valued at $43,000. Finally, Brooklyn Investment Group acquired a new stake in NovoCure in the third quarter valued at $45,000. 84.61% of the stock is owned by institutional investors and hedge funds.

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.