NovoCure (NASDAQ:NVCR) Price Target Raised to $24.00 at HC Wainwright

NovoCure (NASDAQ:NVCR) had its price target boosted by HC Wainwright from $22.00 to $24.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the medical equipment provider’s stock. HC Wainwright’s price objective indicates a potential upside of 59.26% from the company’s current price.

A number of other analysts have also recently issued reports on NVCR. Evercore ISI increased their price objective on NovoCure from $14.00 to $15.00 and gave the stock an “in-line” rating in a report on Friday, February 23rd. Wedbush restated a “neutral” rating and set a $21.00 price target on shares of NovoCure in a research report on Monday, January 8th. Finally, JPMorgan Chase & Co. lifted their price objective on NovoCure from $15.00 to $17.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 19th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, NovoCure has a consensus rating of “Moderate Buy” and an average target price of $34.13.

NovoCure Trading Up 15.3 %

Shares of NVCR stock traded up $2.00 during mid-day trading on Wednesday, reaching $15.07. 9,353,088 shares of the stock traded hands, compared to its average volume of 1,338,108. The stock’s fifty day simple moving average is $14.90 and its two-hundred day simple moving average is $14.51. NovoCure has a 1-year low of $10.87 and a 1-year high of $83.60. The company has a market cap of $1.61 billion, a price-to-earnings ratio of -7.82 and a beta of 0.41. The company has a quick ratio of 5.56, a current ratio of 5.78 and a debt-to-equity ratio of 1.57.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, February 22nd. The medical equipment provider reported ($0.45) EPS for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.08. The company had revenue of $133.80 million for the quarter, compared to analyst estimates of $133.80 million. NovoCure had a negative return on equity of 51.63% and a negative net margin of 40.65%. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.36) earnings per share. On average, research analysts anticipate that NovoCure will post -1.73 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $16.03, for a total transaction of $33,775.21. Following the transaction, the chief operating officer now directly owns 252,452 shares in the company, valued at approximately $4,046,805.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $16.03, for a total transaction of $33,775.21. Following the completion of the transaction, the chief operating officer now owns 252,452 shares in the company, valued at $4,046,805.56. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Frank X. Leonard sold 2,078 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $16.14, for a total transaction of $33,538.92. Following the completion of the sale, the executive vice president now directly owns 162,617 shares of the company’s stock, valued at $2,624,638.38. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,921 shares of company stock worth $127,161. Insiders own 5.67% of the company’s stock.

Hedge Funds Weigh In On NovoCure

A number of large investors have recently modified their holdings of NVCR. US Bancorp DE raised its holdings in shares of NovoCure by 18.9% in the 1st quarter. US Bancorp DE now owns 2,857 shares of the medical equipment provider’s stock worth $237,000 after purchasing an additional 454 shares during the period. Panagora Asset Management Inc. grew its stake in NovoCure by 280.8% during the 1st quarter. Panagora Asset Management Inc. now owns 12,702 shares of the medical equipment provider’s stock valued at $1,052,000 after purchasing an additional 9,366 shares in the last quarter. BlackRock Inc. grew its stake in NovoCure by 0.6% during the 1st quarter. BlackRock Inc. now owns 6,732,513 shares of the medical equipment provider’s stock valued at $557,787,000 after purchasing an additional 43,157 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in NovoCure by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 127,433 shares of the medical equipment provider’s stock valued at $10,559,000 after purchasing an additional 2,534 shares in the last quarter. Finally, Blair William & Co. IL bought a new position in NovoCure during the 1st quarter worth approximately $572,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

NovoCure Company Profile

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.