NovoCure’s (NVCR) “Buy” Rating Reaffirmed at HC Wainwright

NovoCure (NASDAQ:NVCR)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research note issued to investors on Thursday,Benzinga reports. They currently have a $30.00 price target on the medical equipment provider’s stock. HC Wainwright’s target price would suggest a potential upside of 76.26% from the company’s previous close.

NVCR has been the topic of a number of other reports. Wells Fargo & Company dropped their target price on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. Evercore ISI cut their price objective on NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a research report on Tuesday, October 1st. Finally, Wedbush reaffirmed an “outperform” rating and issued a $24.00 target price on shares of NovoCure in a report on Thursday, July 25th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, NovoCure currently has an average rating of “Moderate Buy” and an average price target of $26.17.

NovoCure Stock Performance

NovoCure stock traded up $0.16 during midday trading on Thursday, reaching $17.02. 374,617 shares of the company traded hands, compared to its average volume of 1,280,817. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of -11.96 and a beta of 0.71. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. The business has a 50 day moving average of $16.52 and a two-hundred day moving average of $18.32. NovoCure has a 12 month low of $11.29 and a 12 month high of $24.74.

NovoCure (NASDAQ:NVCR) last released its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.06. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The company had revenue of $155.10 million for the quarter, compared to the consensus estimate of $143.95 million. During the same period in the previous year, the business earned ($0.46) earnings per share. NovoCure’s quarterly revenue was up 21.8% compared to the same quarter last year. As a group, research analysts predict that NovoCure will post -1.31 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NVCR. Russell Investments Group Ltd. lifted its position in shares of NovoCure by 247.3% during the first quarter. Russell Investments Group Ltd. now owns 130,282 shares of the medical equipment provider’s stock valued at $2,036,000 after buying an additional 92,771 shares during the last quarter. Vanguard Group Inc. boosted its stake in NovoCure by 2.7% in the first quarter. Vanguard Group Inc. now owns 10,023,981 shares of the medical equipment provider’s stock valued at $156,675,000 after acquiring an additional 264,883 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of NovoCure during the first quarter worth $113,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of NovoCure by 5.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,378,940 shares of the medical equipment provider’s stock valued at $37,184,000 after purchasing an additional 125,715 shares during the last quarter. Finally, Aristides Capital LLC acquired a new stake in shares of NovoCure in the 1st quarter worth $178,000. 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.