NovoCure (NASDAQ:NVCR) Earns Neutral Rating from Wedbush

NovoCure (NASDAQ:NVCR)‘s stock had its “neutral” rating reissued by equities researchers at Wedbush in a research report issued to clients and investors on Monday,RTT News reports. They currently have a $29.00 price objective on the medical equipment provider’s stock. Wedbush’s price target points to a potential upside of 10.56% from the company’s current price.

Several other research firms have also recently issued reports on NVCR. HC Wainwright reissued a “buy” rating and issued a $38.00 price objective (up from $30.00) on shares of NovoCure in a research report on Monday, December 2nd. Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $18.00 to $30.00 in a research note on Monday, December 2nd. Finally, Piper Sandler increased their price objective on NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, NovoCure presently has an average rating of “Moderate Buy” and a consensus target price of $32.67.

NovoCure Trading Down 4.2 %

Shares of NVCR stock opened at $26.23 on Monday. The company has a market cap of $2.84 billion, a PE ratio of -18.74 and a beta of 0.64. 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’s 50 day simple moving average is $25.52 and its two-hundred day simple moving average is $20.35. NovoCure has a 1 year low of $11.70 and a 1 year high of $34.13.

NovoCure (NASDAQ:NVCR) last issued 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 the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.46) EPS. Research analysts predict that NovoCure will post -1.32 earnings per share for the current year.

Hedge Funds Weigh In On NovoCure

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of NovoCure in the second quarter worth $34,000. Brooklyn Investment Group acquired a new position in shares of NovoCure in the 3rd quarter valued at $45,000. Versant Capital Management Inc raised its stake in NovoCure by 35.8% in the 4th quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider’s stock worth $100,000 after acquiring an additional 880 shares during the last quarter. Venturi Wealth Management LLC lifted its position in NovoCure by 58.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider’s stock worth $57,000 after acquiring an additional 1,354 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in NovoCure by 21.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider’s stock valued at $61,000 after purchasing an additional 701 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.