NovoCure (NASDAQ:NVCR) Price Target Raised to $24.00 at HC Wainwright

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

NVCR has been the subject of a number of other research reports. Piper Sandler restated an overweight rating and set a $28.00 target price (up previously from $25.00) on shares of NovoCure in a research report on Wednesday, April 10th. Wedbush restated an outperform rating and set a $24.00 price objective on shares of NovoCure in a research report on Thursday, July 25th. Wells Fargo & Company reduced their target price on NovoCure from $49.00 to $42.00 and set an overweight rating on the stock in a report on Wednesday, April 3rd. Finally, Evercore ISI raised their price target on NovoCure from $14.50 to $20.00 and gave the company an in-line rating in a report on Tuesday, July 2nd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, NovoCure presently has a consensus rating of Moderate Buy and a consensus price target of $31.88.

NovoCure Stock Performance

Shares of NASDAQ NVCR opened at $20.80 on Friday. The company has a debt-to-equity ratio of 1.81, a current ratio of 6.46 and a quick ratio of 6.22. NovoCure has a 1 year low of $10.87 and a 1 year high of $35.10. The firm has a fifty day moving average price of $19.77 and a 200-day moving average price of $16.61. The stock has a market cap of $2.24 billion, a PE ratio of -11.49 and a beta of 0.70.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.09. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The business had revenue of $150.40 million for the quarter, compared to analysts’ expectations of $135.83 million. During the same period last year, the firm earned ($0.54) earnings per share. The business’s quarterly revenue was up 19.3% on a year-over-year basis. Equities analysts anticipate that NovoCure will post -1.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NovoCure

A number of hedge funds have recently added to or reduced their stakes in the stock. Ridgewood Investments LLC bought a new stake in shares of NovoCure during the second quarter valued at approximately $28,000. Fifth Third Bancorp bought a new stake in NovoCure during the 2nd quarter valued at $43,000. GAMMA Investing LLC lifted its holdings in shares of NovoCure by 278.0% in the 1st quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock worth $45,000 after buying an additional 2,118 shares during the period. Nisa Investment Advisors LLC bought a new position in shares of NovoCure during the 2nd quarter worth $48,000. Finally, Versant Capital Management Inc increased its stake in shares of NovoCure by 2,917.0% during the second quarter. Versant Capital Management Inc now owns 3,017 shares of the medical equipment provider’s stock valued at $52,000 after buying an additional 2,917 shares during the period. 84.61% of the stock is currently owned by 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.