JPMorgan Chase & Co. Lowers NovoCure (NASDAQ:NVCR) Price Target to $28.00

NovoCure (NASDAQ:NVCR) had its price objective cut by investment analysts at JPMorgan Chase & Co. from $29.00 to $28.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the medical equipment provider’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 75.04% from the stock’s previous close.

NVCR has been the subject of several other research reports. HC Wainwright restated a “buy” rating and set a $38.00 price objective on shares of NovoCure in a research report on Tuesday, January 14th. Wedbush restated a “neutral” rating and issued a $29.00 price target on shares of NovoCure in a research report on Monday, January 13th. Piper Sandler increased their price objective on NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, StockNews.com cut NovoCure from a “hold” rating to a “sell” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $34.50.

NovoCure Stock Down 5.6 %

Shares of NASDAQ:NVCR traded down $0.95 during midday trading on Thursday, hitting $16.00. 116,852 shares of the company’s stock traded hands, compared to its average volume of 1,185,821. The firm’s fifty day moving average price is $19.89 and its two-hundred day moving average price is $21.56. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49. NovoCure has a twelve month low of $11.70 and a twelve month high of $34.13. The company has a market cap of $1.76 billion, a PE ratio of -11.39 and a beta of 0.65.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings results on Thursday, February 27th. The medical equipment provider reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.27). The firm had revenue of $161.27 million for the quarter, compared to analysts’ expectations of $161.30 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. On average, equities research analysts anticipate that NovoCure will post -1.3 EPS for the current fiscal year.

Institutional Investors Weigh In On NovoCure

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Centiva Capital LP acquired a new position in shares of NovoCure in the third quarter worth $214,000. Geode Capital Management LLC raised its stake in shares of NovoCure by 1.3% during the 3rd 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 in the last quarter. Tidal Investments LLC lifted its holdings in shares of NovoCure by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 55,756 shares of the medical equipment provider’s stock valued at $871,000 after buying an additional 2,465 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of NovoCure by 222.6% during the 3rd quarter. Franklin Resources Inc. now owns 180,853 shares of the medical equipment provider’s stock valued at $2,904,000 after buying an additional 124,793 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in NovoCure by 35.8% during the fourth quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider’s stock valued at $100,000 after acquiring an additional 880 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.