NovoCure (NASDAQ:NVCR) Earns “Buy” Rating from HC Wainwright

NovoCure (NASDAQ:NVCR)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a report issued on Tuesday,Benzinga reports. They presently have a $38.00 target price on the medical equipment provider’s stock. HC Wainwright’s price objective would suggest a potential upside of 38.79% from the company’s current price.

A number of other research firms also recently issued reports on NVCR. Piper Sandler raised their target price on NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Evercore ISI raised NovoCure from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $18.00 to $30.00 in a report on Monday, December 2nd. Finally, Wedbush reaffirmed a “neutral” rating and set a $29.00 price objective on shares of NovoCure in a report on Monday. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $32.67.

NovoCure Trading Down 0.3 %

NASDAQ NVCR opened at $27.38 on Tuesday. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of -19.56 and a beta of 0.64. The business’s fifty day moving average is $25.33 and its 200-day moving average is $20.28. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. NovoCure has a one year low of $11.70 and a one year high of $34.13.

NovoCure (NASDAQ:NVCR) last released its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $155.10 million for the quarter, compared to analysts’ expectations of $143.95 million. During the same period in the previous year, the company earned ($0.46) earnings per share. The company’s quarterly revenue was up 21.8% on a year-over-year basis. Equities research analysts predict that NovoCure will post -1.32 EPS for the current year.

Institutional Investors Weigh In On NovoCure

Institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers lifted its stake in NovoCure by 33.1% in the 2nd quarter. Rhumbline Advisers now owns 150,119 shares of the medical equipment provider’s stock worth $2,572,000 after purchasing an additional 37,364 shares in the last quarter. Arizona State Retirement System grew its position in NovoCure by 2.1% during the second quarter. Arizona State Retirement System now owns 28,481 shares of the medical equipment provider’s stock worth $488,000 after buying an additional 581 shares in the last quarter. Choreo LLC bought a new position in NovoCure in the 2nd quarter worth about $192,000. State of New Jersey Common Pension Fund D purchased a new stake in shares of NovoCure in the 2nd quarter valued at about $1,447,000. Finally, Federated Hermes Inc. boosted its position in shares of NovoCure by 5.8% during the 2nd quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock valued at $12,726,000 after acquiring an additional 40,870 shares during the last quarter. 84.61% of the stock is 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.