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

HC Wainwright reiterated their buy rating on shares of NovoCure (NASDAQ:NVCR) in a research note released on Thursday morning,Benzinga reports. They currently have a $30.00 price target on the medical equipment provider’s stock.

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

NovoCure Trading Up 3.7 %

Shares of NASDAQ:NVCR opened at $17.73 on Thursday. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average price is $16.50 and its 200 day moving average price is $18.36. The company has a market cap of $1.92 billion, a PE ratio of -12.66 and a beta of 0.71. NovoCure has a fifty-two week low of $11.29 and a fifty-two week high of $24.74.

NovoCure (NASDAQ:NVCR) last released its quarterly 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. The company had revenue of $155.10 million for the quarter, compared to analysts’ expectations of $143.95 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The business’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.46) earnings per share. Sell-side analysts anticipate that NovoCure will post -1.31 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

Several hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC boosted its holdings in shares of NovoCure by 1.3% during the third quarter. Geode Capital Management LLC now owns 2,405,257 shares of the medical equipment provider’s stock worth $37,601,000 after purchasing an additional 29,871 shares during the period. Weiss Asset Management LP purchased a new stake in NovoCure in the 3rd quarter worth approximately $735,000. IHT Wealth Management LLC acquired a new stake in shares of NovoCure during the 3rd quarter valued at $180,000. Holocene Advisors LP grew its holdings in shares of NovoCure by 42.9% during the 3rd quarter. Holocene Advisors LP now owns 74,248 shares of the medical equipment provider’s stock valued at $1,160,000 after acquiring an additional 22,276 shares in the last quarter. Finally, Centiva Capital LP acquired a new position in shares of NovoCure in the third quarter worth $214,000. 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.