NovoCure’s (NVCR) Neutral Rating Reiterated at Wedbush

NovoCure (NASDAQ:NVCR)‘s stock had its “neutral” rating restated by equities research analysts at Wedbush in a report released on Monday,RTT News reports. They currently have a $29.00 price objective on the medical equipment provider’s stock. Wedbush’s price target points to a potential upside of 5.92% from the company’s previous close.

NVCR has been the subject of several other research reports. Piper Sandler boosted their target price on NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. HC Wainwright reissued a “buy” rating and issued a $38.00 price objective (up previously from $30.00) on shares of NovoCure in a research report on Monday, December 2nd. Finally, Evercore ISI raised NovoCure from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $18.00 to $30.00 in a research report on Monday, December 2nd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $32.67.

NovoCure Stock Performance

Shares of NASDAQ NVCR traded down $0.07 during midday trading on Monday, hitting $27.38. 1,826,364 shares of the company’s stock traded hands, compared to its average volume of 1,181,809. NovoCure has a 1 year low of $11.70 and a 1 year high of $34.13. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of -19.56 and a beta of 0.64. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49. The firm has a fifty day moving average of $25.11 and a 200 day moving average of $20.22.

NovoCure (NASDAQ:NVCR) last released its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.06. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The company had revenue of $155.10 million during the quarter, compared to analyst estimates of $143.95 million. During the same period in the prior year, the firm posted ($0.46) EPS. The firm’s quarterly revenue was up 21.8% compared to the same quarter last year. On average, analysts forecast that NovoCure will post -1.32 earnings per share for the current year.

Hedge Funds Weigh In On NovoCure

Several large investors have recently bought and sold shares of the business. Nordwand Advisors LLC increased its holdings in shares of NovoCure by 100.0% in the 3rd quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock valued at $47,356,000 after acquiring an additional 1,514,824 shares during the period. Renaissance Technologies LLC boosted its position in shares of NovoCure by 171.9% during the 2nd quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock worth $13,022,000 after purchasing an additional 480,600 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of NovoCure by 234.2% in the 2nd quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock worth $7,391,000 after buying an additional 302,351 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of NovoCure by 222.6% in the 3rd quarter. Franklin Resources Inc. now owns 180,853 shares of the medical equipment provider’s stock worth $2,904,000 after buying an additional 124,793 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new position in NovoCure in the 3rd quarter valued at about $1,812,000. 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.