HC Wainwright Reaffirms “Buy” Rating for NovoCure (NASDAQ:NVCR)

NovoCure (NASDAQ:NVCR)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a research note issued to investors on Thursday, Benzinga reports. They presently have a $30.00 target price on the medical equipment provider’s stock. HC Wainwright’s price objective would indicate a potential upside of 76.57% from the company’s current price.

A number of other research analysts have also recently commented on the stock. Wedbush reissued an “outperform” rating and issued a $24.00 target price on shares of NovoCure in a report on Thursday, July 25th. Evercore ISI dropped their price objective on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company dropped their target price on NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.17.

NovoCure Stock Up 0.6 %

Shares of NVCR opened at $16.99 on Thursday. The firm has a 50 day simple moving average of $16.83 and a two-hundred day simple moving average of $17.87. The company has a debt-to-equity ratio of 1.81, a current ratio of 6.46 and a quick ratio of 6.22. NovoCure has a one year low of $10.87 and a one year high of $24.74. The company has a market cap of $1.83 billion, a P/E ratio of -9.39 and a beta of 0.70.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The company had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $143.95 million. During the same quarter in the previous year, the firm earned ($0.46) EPS. NovoCure’s revenue was up 21.8% on a year-over-year basis. Research analysts forecast that NovoCure will post -1.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of NVCR. Ridgewood Investments LLC bought a new position in shares of NovoCure during the 2nd quarter worth about $28,000. Signaturefd LLC boosted 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 worth $28,000 after acquiring an additional 627 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in NovoCure in the second quarter worth approximately $34,000. Fifth Third Bancorp acquired a new stake in NovoCure in the second quarter valued at approximately $43,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of NovoCure during the second quarter valued at approximately $48,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.