HC Wainwright Reiterates Buy Rating for NovoCure (NASDAQ:NVCR)

HC Wainwright reissued their buy rating on shares of NovoCure (NASDAQ:NVCR) in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a $30.00 price target on the medical equipment provider’s stock.

Other analysts have also issued research reports about the stock. Evercore ISI cut their target price on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 1st. Wells Fargo & Company cut their target price on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. Finally, Wedbush restated an “outperform” rating and issued a $24.00 target price on shares of NovoCure in a research report on Thursday, July 25th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, NovoCure has a consensus rating of “Moderate Buy” and a consensus price target of $26.17.

NovoCure Stock Up 1.4 %

NovoCure stock opened at $17.09 on Thursday. The stock has a market cap of $1.85 billion, a P/E ratio of -12.21 and a beta of 0.71. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27. NovoCure has a twelve month low of $11.29 and a twelve month high of $24.74. The company’s 50-day moving average price is $16.52 and its two-hundred day moving average price is $18.31.

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

Hedge Funds Weigh In On NovoCure

Large investors have recently modified their holdings of the business. Ridgewood Investments LLC bought a new position in shares of NovoCure during the second quarter valued at $28,000. Signaturefd LLC raised its stake in NovoCure by 61.7% during the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 627 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in NovoCure during the second quarter worth $34,000. Fifth Third Bancorp bought a new position in NovoCure during the second quarter worth $43,000. Finally, Brooklyn Investment Group bought a new position in NovoCure during the third quarter worth $45,000. Institutional investors own 84.61% of the company’s stock.

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.