NovoCure (NASDAQ:NVCR) Given New $22.00 Price Target at HC Wainwright

NovoCure (NASDAQ:NVCR) had its price target cut by HC Wainwright from $24.00 to $22.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a neutral rating on the medical equipment provider’s stock.

Several other research analysts also recently weighed in on NVCR. Wells Fargo & Company cut their target price on shares of NovoCure from $49.00 to $42.00 and set an overweight rating for the company in a research note on Wednesday, April 3rd. Piper Sandler reissued an overweight rating and set a $28.00 price target (up previously from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. Evercore ISI upped their target price on NovoCure from $14.00 to $15.00 and gave the company an in-line rating in a research note on Friday, February 23rd. Wedbush reissued a neutral rating and issued a $21.00 price target on shares of NovoCure in a research note on Wednesday, March 27th. Finally, JPMorgan Chase & Co. upped their price objective on shares of NovoCure from $15.00 to $17.00 and gave the company a neutral rating in a research note on Tuesday, March 19th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, NovoCure currently has a consensus rating of Moderate Buy and a consensus price target of $30.88.

NovoCure Price Performance

NovoCure stock traded up $0.59 during midday trading on Thursday, reaching $14.78. The company’s stock had a trading volume of 1,145,701 shares, compared to its average volume of 1,331,290. The stock’s 50 day simple moving average is $14.21 and its 200 day simple moving average is $13.87. The company has a debt-to-equity ratio of 1.57, a quick ratio of 5.56 and a current ratio of 5.78. The firm has a market capitalization of $1.59 billion, a PE ratio of -7.58 and a beta of 0.50. NovoCure has a fifty-two week low of $10.87 and a fifty-two week high of $83.60.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.43) by $0.07. The firm had revenue of $138.50 million during the quarter, compared to the consensus estimate of $131.44 million. NovoCure had a negative return on equity of 51.63% and a negative net margin of 40.65%. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.50) EPS. On average, equities research analysts forecast that NovoCure will post -1.78 earnings per share for the current year.

Insider Activity at NovoCure

In other NovoCure news, EVP Frank X. Leonard sold 2,078 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $16.14, for a total value of $33,538.92. Following the transaction, the executive vice president now directly owns 162,617 shares of the company’s stock, valued at $2,624,638.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Frank X. Leonard sold 2,078 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $16.14, for a total value of $33,538.92. Following the completion of the transaction, the executive vice president now directly owns 162,617 shares in the company, valued at $2,624,638.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Frank X. Leonard sold 1,679 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $16.03, for a total transaction of $26,914.37. Following the completion of the transaction, the executive vice president now owns 160,938 shares in the company, valued at approximately $2,579,836.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,921 shares of company stock worth $127,161. 5.67% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NovoCure

Several hedge funds and other institutional investors have recently bought and sold shares of NVCR. China Universal Asset Management Co. Ltd. grew its stake in 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 worth $44,000 after purchasing an additional 1,347 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of NovoCure by 278.0% during the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock worth $45,000 after purchasing an additional 2,118 shares during the period. CWM LLC lifted its position in shares of NovoCure by 127.9% in the 3rd quarter. CWM LLC now owns 3,891 shares of the medical equipment provider’s stock worth $63,000 after buying an additional 2,184 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of NovoCure in the 3rd quarter valued at about $74,000. Finally, Daiwa Securities Group Inc. grew its position in shares of NovoCure by 1,113.7% during the 1st quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider’s stock valued at $80,000 after buying an additional 4,700 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.