NovoCure (NASDAQ:NVCR) Upgraded to Buy at HC Wainwright

HC Wainwright upgraded shares of NovoCure (NASDAQ:NVCR) from a neutral rating to a buy rating in a report issued on Wednesday, MarketBeat Ratings reports. They currently have $30.00 price objective on the medical equipment provider’s stock, up from their prior price objective of $24.00.

Other research analysts have also issued research reports about the company. Wedbush reaffirmed an “outperform” rating and set a $24.00 price target on shares of NovoCure in a research report on Thursday, July 25th. Wells Fargo & Company cut their price target on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Finally, Evercore ISI decreased their price objective on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a report on Tuesday, October 1st. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $26.17.

NovoCure Stock Up 0.5 %

Shares of NASDAQ:NVCR opened at $17.87 on Wednesday. The stock has a market capitalization of $1.92 billion, a P/E ratio of -9.87 and a beta of 0.70. The stock’s 50-day moving average price is $17.14 and its 200-day moving average price is $17.71. The company has a current ratio of 6.46, a quick ratio of 6.22 and a debt-to-equity ratio of 1.81. NovoCure has a 12-month low of $10.87 and a 12-month high of $24.74.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $135.83 million. During the same period last year, the company earned ($0.54) EPS. NovoCure’s revenue for the quarter was up 19.3% compared to the same quarter last year. On average, equities analysts anticipate that NovoCure will post -1.34 earnings per share for the current year.

Hedge Funds Weigh In On NovoCure

Several large investors have recently modified their holdings of NVCR. Ridgewood Investments LLC bought a new stake in NovoCure during the 2nd quarter valued at about $28,000. Signaturefd LLC grew its holdings in shares of NovoCure by 61.7% during the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock valued at $28,000 after buying an additional 627 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of NovoCure during the second quarter valued at approximately $34,000. Fifth Third Bancorp purchased a new position in NovoCure in the 2nd quarter worth approximately $43,000. Finally, GAMMA Investing LLC lifted its position in NovoCure by 278.0% in the 1st quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock valued at $45,000 after acquiring an additional 2,118 shares in the last quarter. Hedge funds and other 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.