Evercore ISI Trims NovoCure (NASDAQ:NVCR) Target Price to $18.00

NovoCure (NASDAQ:NVCR) had its price objective cut by Evercore ISI from $21.00 to $18.00 in a report published on Tuesday morning, Benzinga reports. They currently have an in-line rating on the medical equipment provider’s stock.

Several other research firms have also recently weighed in on NVCR. Wells Fargo & Company dropped their price objective on NovoCure from $42.00 to $40.00 and set an overweight rating for the company in a report on Friday, July 26th. Wedbush reiterated an outperform rating and issued a $24.00 price target on shares of NovoCure in a report on Thursday, July 25th. Finally, HC Wainwright upped their price objective on shares of NovoCure from $22.00 to $24.00 and gave the stock a neutral rating in a report on Friday, July 26th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $25.17.

NovoCure Price Performance

NVCR stock opened at $14.54 on Tuesday. NovoCure has a 52 week low of $10.87 and a 52 week high of $24.74. The company has a debt-to-equity ratio of 1.81, a quick ratio of 6.22 and a current ratio of 6.46. The firm’s fifty day moving average is $18.07 and its 200 day moving average is $17.59. The firm has a market cap of $1.56 billion, a P/E ratio of -8.03 and a beta of 0.71.

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. The company had revenue of $150.40 million during the quarter, compared to analyst estimates of $135.83 million. NovoCure had a negative net margin of 30.67% and a negative return on equity of 45.68%. The firm’s revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.54) EPS. Research analysts predict that NovoCure will post -1.34 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in NovoCure in the 4th quarter worth $14,543,000. Renaissance Technologies LLC lifted its position in shares of NovoCure by 171.9% in the second quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock valued at $13,022,000 after acquiring an additional 480,600 shares in the last quarter. Invenomic Capital Management LP bought a new position in shares of NovoCure in the fourth quarter worth about $6,479,000. Jacobs Levy Equity Management Inc. raised its stake in NovoCure by 305.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 475,226 shares of the medical equipment provider’s stock valued at $7,428,000 after purchasing an additional 358,062 shares during the period. Finally, Panagora Asset Management Inc. lifted its holdings in NovoCure by 309.8% in the 2nd quarter. Panagora Asset Management Inc. now owns 409,794 shares of the medical equipment provider’s stock worth $7,020,000 after purchasing an additional 309,805 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

NovoCure Company Profile

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.