HC Wainwright Has Positive View of NovoCure FY2024 Earnings

NovoCure Limited (NASDAQ:NVCR) – Investment analysts at HC Wainwright increased their FY2024 earnings per share (EPS) estimates for NovoCure in a research note issued on Tuesday, January 14th. HC Wainwright analyst E. Bodnar now anticipates that the medical equipment provider will post earnings of ($1.27) per share for the year, up from their prior forecast of ($1.35). HC Wainwright currently has a “Buy” rating and a $38.00 target price on the stock. The consensus estimate for NovoCure’s current full-year earnings is ($1.32) per share. HC Wainwright also issued estimates for NovoCure’s Q4 2024 earnings at ($0.32) EPS, Q1 2025 earnings at ($0.45) EPS, Q2 2025 earnings at ($0.48) EPS, Q3 2025 earnings at ($0.52) EPS, Q4 2025 earnings at ($0.57) EPS, FY2025 earnings at ($2.01) EPS, FY2026 earnings at ($2.48) EPS, FY2027 earnings at ($2.12) EPS and FY2028 earnings at ($1.21) EPS.

Several other brokerages also recently issued reports on NVCR. Wedbush restated a “neutral” rating and issued a $29.00 price target on shares of NovoCure in a report on Monday. Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $18.00 to $30.00 in a research report on Monday, December 2nd. Finally, Piper Sandler raised their target price on shares of NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, NovoCure has a consensus rating of “Moderate Buy” and an average target price of $32.67.

NovoCure Stock Performance

Shares of NovoCure stock opened at $26.02 on Friday. The stock’s fifty day simple moving average is $25.68 and its 200 day simple moving average is $20.39. 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 company has a market capitalization of $2.82 billion, a PE ratio of -18.59 and a beta of 0.64. NovoCure has a 12 month low of $11.70 and a 12 month high of $34.13.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.06. The business had revenue of $155.10 million for 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 quarter last year, the firm earned ($0.46) EPS.

Hedge Funds Weigh In On NovoCure

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of NovoCure in the second quarter valued at approximately $34,000. Brooklyn Investment Group bought a new stake in NovoCure in the 3rd quarter valued at $45,000. Venturi Wealth Management LLC raised its stake in NovoCure by 58.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider’s stock valued at $57,000 after acquiring an additional 1,354 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in NovoCure by 21.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider’s stock valued at $61,000 after purchasing an additional 701 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in NovoCure by 35.8% during the fourth quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider’s stock worth $100,000 after purchasing an additional 880 shares during the period. 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.