NovoCure (NASDAQ:NVCR) Hits New 52-Week High – What’s Next?

NovoCure Limited (NASDAQ:NVCR) shares reached a new 52-week high on Monday . The company traded as high as $29.20 and last traded at $29.20, with a volume of 490024 shares traded. The stock had previously closed at $20.04.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Evercore ISI upgraded shares of NovoCure from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $18.00 to $30.00 in a research report on Monday. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of NovoCure in a report on Thursday, November 21st. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.17.

NovoCure Price Performance

The firm has a market capitalization of $3.05 billion, a P/E ratio of -14.31 and a beta of 0.71. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The firm has a 50 day moving average price of $16.65 and a 200-day moving average price of $18.39.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.06. The company had revenue of $155.10 million during 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% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.46) earnings per share. On average, analysts expect that NovoCure Limited will post -1.31 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NVCR. Lombard Odier Asset Management USA Corp increased its stake in NovoCure by 5.4% in the second quarter. Lombard Odier Asset Management USA Corp now owns 10,862 shares of the medical equipment provider’s stock worth $186,000 after purchasing an additional 557 shares during the period. Arizona State Retirement System raised its holdings in NovoCure by 2.1% in the second quarter. Arizona State Retirement System now owns 28,481 shares of the medical equipment provider’s stock worth $488,000 after purchasing an additional 581 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of NovoCure by 61.7% in the 2nd quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock valued at $28,000 after buying an additional 627 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of NovoCure by 21.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider’s stock worth $61,000 after buying an additional 701 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its stake in shares of NovoCure by 58.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider’s stock worth $57,000 after acquiring an additional 1,354 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.