NovoCure (NASDAQ:NVCR) Share Price Crosses Above 50 Day Moving Average – Here’s What Happened

NovoCure Limited (NASDAQ:NVCR)’s stock price crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $26.75 and traded as high as $27.11. NovoCure shares last traded at $26.33, with a volume of 834,531 shares traded.

Analyst Ratings Changes

A number of brokerages have recently commented on NVCR. Piper Sandler upped their price objective on shares of NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $18.00 to $30.00 in a research report on Monday, December 2nd. Wedbush reiterated a “neutral” rating and set a $29.00 price target on shares of NovoCure in a research note on Monday, January 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $38.00 price objective on shares of NovoCure in a report on Tuesday, January 14th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.67.

NovoCure Trading Down 2.6 %

The firm has a market cap of $2.85 billion, a P/E ratio of -18.81 and a beta of 0.64. The company’s fifty day moving average price is $26.75 and its two-hundred day moving average price is $20.77. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. The company had revenue of $155.10 million for the quarter, compared to analyst estimates of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. NovoCure’s quarterly revenue was up 21.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.46) earnings per share. As a group, sell-side analysts predict that NovoCure Limited will post -1.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in NVCR. Mirae Asset Global Investments Co. Ltd. boosted its stake in NovoCure by 21.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider’s stock valued at $61,000 after acquiring an additional 701 shares during the last quarter. Blue Trust Inc. increased its holdings in NovoCure by 70.7% in the fourth quarter. Blue Trust Inc. now owns 1,886 shares of the medical equipment provider’s stock valued at $56,000 after purchasing an additional 781 shares during the last quarter. Versant Capital Management Inc lifted its stake in NovoCure by 35.8% in the fourth quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider’s stock valued at $100,000 after buying an additional 880 shares during the period. Venturi Wealth Management LLC boosted its holdings in NovoCure by 58.5% during the third quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider’s stock worth $57,000 after buying an additional 1,354 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of NovoCure by 57.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,321 shares of the medical equipment provider’s stock worth $129,000 after buying an additional 1,575 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.