NovoCure (NASDAQ:NVCR) Earns Outperform Rating from Wedbush

Wedbush reiterated their outperform rating on shares of NovoCure (NASDAQ:NVCR) in a research report report published on Thursday morning, Marketbeat Ratings reports. Wedbush currently has a $24.00 target price on the medical equipment provider’s stock.

NVCR has been the subject of a number of other research reports. Wells Fargo & Company cut their target price on shares of NovoCure from $49.00 to $42.00 and set an overweight rating for the company in a research note on Wednesday, April 3rd. Piper Sandler reiterated an overweight rating and issued a $28.00 price objective (up from $25.00) on shares of NovoCure in a report on Wednesday, April 10th. Evercore ISI increased their target price on NovoCure from $14.50 to $20.00 and gave the company an in-line rating in a report on Tuesday, July 2nd. Finally, HC Wainwright restated a neutral rating and issued a $22.00 target price on shares of NovoCure in a research report on Tuesday, June 4th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $31.88.

NovoCure Stock Performance

Shares of NVCR stock opened at $19.02 on Thursday. The company has a current ratio of 6.26, a quick ratio of 5.99 and a debt-to-equity ratio of 1.59. NovoCure has a 12-month low of $10.87 and a 12-month high of $41.51. The business’s 50 day moving average is $19.84 and its two-hundred day moving average is $16.56. The company has a market capitalization of $2.05 billion, a P/E ratio of -10.51 and a beta of 0.70.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.09. The firm had revenue of $150.40 million for the quarter, compared to analyst estimates of $135.83 million. NovoCure had a negative return on equity of 45.37% and a negative net margin of 30.67%. The business’s revenue was up 19.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.54) EPS. Analysts expect that NovoCure will post -1.59 EPS for the current fiscal year.

Institutional Trading of NovoCure

Several large investors have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. boosted its position in shares of NovoCure by 351.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 12,363 shares of the medical equipment provider’s stock valued at $185,000 after acquiring an additional 9,624 shares during the last quarter. Taylor Frigon Capital Management LLC grew its stake in shares of NovoCure by 5.9% in the 4th quarter. Taylor Frigon Capital Management LLC now owns 96,857 shares of the medical equipment provider’s stock valued at $1,446,000 after buying an additional 5,422 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of NovoCure by 27.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,335 shares of the medical equipment provider’s stock worth $348,000 after buying an additional 4,982 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of NovoCure by 807.8% during the 4th quarter. Federated Hermes Inc. now owns 616,792 shares of the medical equipment provider’s stock worth $9,209,000 after buying an additional 548,852 shares during the last quarter. Finally, Semanteon Capital Management LP purchased a new stake in shares of NovoCure during the 4th quarter valued at approximately $731,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.