NovoCure (NASDAQ:NVCR) Trading 5% Higher on Analyst Upgrade

NovoCure Limited (NASDAQ:NVCR) rose 5% during mid-day trading on Monday after HC Wainwright raised their price target on the stock from $22.00 to $24.00. HC Wainwright currently has a neutral rating on the stock. NovoCure traded as high as $19.99 and last traded at $19.97. Approximately 474,371 shares changed hands during trading, a decline of 66% from the average daily volume of 1,402,715 shares. The stock had previously closed at $19.02.

Other research analysts also recently issued reports about the stock. Piper Sandler restated an “overweight” rating and set a $28.00 target price (up from $25.00) on shares of NovoCure in a research report on Wednesday, April 10th. Evercore ISI boosted their target price on shares of NovoCure from $14.50 to $20.00 and gave the company an “in-line” rating in a research report on Tuesday, July 2nd. Wells Fargo & Company decreased their target price on shares of NovoCure from $49.00 to $42.00 and set an “overweight” rating for the company in a research report on Wednesday, April 3rd. Finally, Wedbush reiterated an “outperform” rating and issued a $24.00 price objective on shares of NovoCure in a research report on Thursday. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $31.88.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NVCR. Vanguard Group Inc. raised its holdings in shares of NovoCure by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 9,759,098 shares of the medical equipment provider’s stock valued at $145,703,000 after acquiring an additional 122,105 shares during the last quarter. Franklin Resources Inc. purchased a new stake in shares of NovoCure during the fourth quarter worth approximately $811,000. SG Americas Securities LLC raised its stake in NovoCure by 57.3% in the 1st quarter. SG Americas Securities LLC now owns 359,518 shares of the medical equipment provider’s stock valued at $5,619,000 after purchasing an additional 130,927 shares during the last quarter. Victory Capital Management Inc. purchased a new position in NovoCure in the 4th quarter valued at $195,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in NovoCure by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 551,775 shares of the medical equipment provider’s stock worth $8,238,000 after purchasing an additional 10,510 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

NovoCure Stock Performance

The firm’s 50 day simple moving average is $19.84 and its 200-day simple moving average is $16.56. The company has a market cap of $2.14 billion, a price-to-earnings ratio of -10.51 and a beta of 0.70. The company has a debt-to-equity ratio of 1.81, a quick ratio of 6.22 and a current ratio of 6.46.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.09. The firm had revenue of $150.40 million for the quarter, compared to the consensus estimate of $135.83 million. NovoCure had a negative net margin of 30.67% and a negative return on equity of 45.68%. The company’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same period last year, the firm posted ($0.54) earnings per share. On average, sell-side analysts predict that NovoCure Limited will post -1.59 EPS for the current year.

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.