NovoCure (NASDAQ:NVCR) Trading Up 7.6% – What’s Next?

NovoCure Limited (NASDAQ:NVCR)’s stock price traded up 7.6% during trading on Wednesday . The stock traded as high as $19.27 and last traded at $19.24. 146,940 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 1,270,983 shares. The stock had previously closed at $17.88.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Evercore ISI cut their price objective on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating on the stock in a report on Tuesday, October 1st. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of NovoCure in a research note on Thursday, November 21st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, NovoCure presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.17.

NovoCure Stock Up 6.4 %

The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of -13.74 and a beta of 0.71. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. The business has a fifty day moving average price of $16.52 and a two-hundred day moving average price of $18.39.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.06. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The business had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $143.95 million. During the same period in the previous year, the business posted ($0.46) EPS. The business’s quarterly revenue was up 21.8% compared to the same quarter last year. On average, equities analysts expect that NovoCure Limited will post -1.31 earnings per share for the current year.

Hedge Funds Weigh In On NovoCure

Institutional investors have recently made changes to their positions in the company. Ridgewood Investments LLC purchased a new stake in NovoCure in the 2nd quarter worth $28,000. Signaturefd LLC increased its holdings in NovoCure by 61.7% in the 2nd quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock worth $28,000 after acquiring an additional 627 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in NovoCure in the 2nd quarter worth $34,000. Fifth Third Bancorp purchased a new stake in NovoCure in the 2nd quarter worth $43,000. Finally, Brooklyn Investment Group purchased a new stake in NovoCure in the 3rd quarter worth $45,000. 84.61% of the stock is owned by hedge funds and other 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.