NovoCure (NASDAQ:NVCR) Earns “Neutral” Rating from Wedbush

NovoCure (NASDAQ:NVCR)‘s stock had its “neutral” rating reissued by equities researchers at Wedbush in a report issued on Thursday, RTT News reports. They presently have a $21.00 price target on the medical equipment provider’s stock. Wedbush’s price objective would indicate a potential upside of 49.89% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Wells Fargo & Company dropped their target price on shares of NovoCure from $49.00 to $42.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. raised their price target on shares of NovoCure from $15.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 19th. HC Wainwright decreased their price target on shares of NovoCure from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday. Evercore ISI raised their price target on shares of NovoCure from $14.00 to $15.00 and gave the stock an “in-line” rating in a research note on Friday, February 23rd. Finally, Piper Sandler reissued an “overweight” rating and issued a $28.00 price target (up from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $30.88.

NovoCure Price Performance

Shares of NASDAQ NVCR traded up $1.27 during trading on Thursday, hitting $14.01. The company had a trading volume of 1,046,276 shares, compared to its average volume of 1,325,895. The stock has a fifty day simple moving average of $14.23 and a two-hundred day simple moving average of $13.87. NovoCure has a fifty-two week low of $10.87 and a fifty-two week high of $83.60. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of -7.22 and a beta of 0.50. 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 announced its earnings results on Thursday, February 22nd. The medical equipment provider reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.08. NovoCure had a negative net margin of 40.65% and a negative return on equity of 51.63%. The business had revenue of $133.80 million for the quarter, compared to analyst estimates of $133.80 million. During the same quarter last year, the business earned ($0.36) earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, research analysts expect that NovoCure will post -1.78 earnings per share for the current year.

Insiders Place Their Bets

In other NovoCure news, EVP Frank X. Leonard sold 1,679 shares of NovoCure stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $16.03, for a total transaction of $26,914.37. Following the transaction, the executive vice president now directly owns 160,938 shares of the company’s stock, valued at $2,579,836.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other NovoCure news, EVP Frank X. Leonard sold 1,679 shares of NovoCure stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $16.03, for a total transaction of $26,914.37. Following the completion of the sale, the executive vice president now directly owns 160,938 shares in the company, valued at $2,579,836.14. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Frank X. Leonard sold 2,078 shares of NovoCure 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 sale, the executive vice president now owns 162,617 shares of the company’s stock, valued at $2,624,638.38. The disclosure for this sale can be found here. Insiders have sold 7,921 shares of company stock valued at $127,161 over the last ninety days. Company insiders own 5.67% of the company’s stock.

Institutional Investors Weigh In On NovoCure

Institutional investors have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. grew its holdings in shares of NovoCure by 96.8% in the third quarter. China Universal Asset Management Co. Ltd. now owns 2,739 shares of the medical equipment provider’s stock valued at $44,000 after purchasing an additional 1,347 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of NovoCure by 278.0% in the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock valued at $45,000 after purchasing an additional 2,118 shares in the last quarter. CWM LLC grew its holdings in shares of NovoCure by 127.9% in the third quarter. CWM LLC now owns 3,891 shares of the medical equipment provider’s stock valued at $63,000 after purchasing an additional 2,184 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of NovoCure in the third quarter valued at approximately $74,000. Finally, Daiwa Securities Group Inc. grew its holdings in shares of NovoCure by 1,113.7% in the first quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider’s stock valued at $80,000 after purchasing an additional 4,700 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.