Brokerages Set NovoCure Limited (NASDAQ:NVCR) PT at $21.20

by · The Markets Daily

Shares of NovoCure Limited (NASDAQ:NVCR – Get Free Report) have been assigned a consensus recommendation of “Hold” from the seven brokerages that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $21.20.

A number of research firms have recently commented on NVCR. Wells Fargo & Company increased their price objective on NovoCure from $13.50 to $17.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. Weiss Ratings raised NovoCure from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. HC Wainwright set a $32.00 price target on shares of NovoCure in a research note on Friday, July 24th. Wall Street Zen cut shares of NovoCure from a “buy” rating to a “hold” rating in a report on Saturday. Finally, JPMorgan Chase & Co. assumed coverage on shares of NovoCure in a research report on Monday, July 13th. They set a “neutral” rating and a $17.00 price objective for the company.

Get Our Latest Stock Analysis on NVCR

NovoCure Price Performance

Shares of NovoCure stock opened at $17.82 on Friday. NovoCure has a 52-week low of $9.82 and a 52-week high of $21.45. The company has a 50 day moving average of $16.52 and a 200 day moving average of $14.82. The company has a quick ratio of 2.70, a current ratio of 2.89 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $2.08 billion, a P/E ratio of -13.71 and a beta of 0.96.

NovoCure (NASDAQ:NVCR – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The medical equipment provider reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.20. The company had revenue of $183.58 million for the quarter, compared to the consensus estimate of $172.44 million. NovoCure had a negative net margin of 21.25% and a negative return on equity of 44.00%. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.36) EPS. As a group, research analysts forecast that NovoCure will post -1.21 EPS for the current fiscal year.

Insider Transactions at NovoCure

In related news, Director Allyson J. Ocean sold 2,945 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $15.77, for a total transaction of $46,442.65. Following the completion of the sale, the director owned 11,324 shares in the company, valued at $178,579.48. This represents a 20.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Frank X. Leonard sold 34,273 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $17.93, for a total transaction of $614,514.89. Following the transaction, the chief executive officer directly owned 459,520 shares in the company, valued at $8,239,193.60. The trade was a 6.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 51,943 shares of company stock valued at $893,171 over the last quarter. 6.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NovoCure

Several institutional investors have recently added to or reduced their stakes in NVCR. Vanguard Group Inc. lifted its holdings in shares of NovoCure by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 10,958,209 shares of the medical equipment provider’s stock worth $141,690,000 after purchasing an additional 502,368 shares during the period. Soleus Capital Management L.P. boosted its holdings in shares of NovoCure by 25.0% in the second quarter. Soleus Capital Management L.P. now owns 6,904,302 shares of the medical equipment provider’s stock valued at $122,897,000 after acquiring an additional 1,382,888 shares in the last quarter. Morgan Stanley boosted its holdings in shares of NovoCure by 453.4% in the fourth quarter. Morgan Stanley now owns 5,069,895 shares of the medical equipment provider’s stock valued at $65,554,000 after acquiring an additional 4,153,741 shares in the last quarter. Quantinno Capital Management LP increased its stake in shares of NovoCure by 23.7% during the first quarter. Quantinno Capital Management LP now owns 2,487,376 shares of the medical equipment provider’s stock worth $27,112,000 after acquiring an additional 477,128 shares during the period. Finally, Balyasny Asset Management L.P. increased its stake in shares of NovoCure by 38.8% during the second quarter. Balyasny Asset Management L.P. now owns 2,270,076 shares of the medical equipment provider’s stock worth $40,407,000 after acquiring an additional 634,925 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

About NovoCure

(Get Free Report)

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.

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