NovoCure (NASDAQ:NVCR) Sets New 1-Year High – Still a Buy?

Shares of NovoCure Limited (NASDAQ:NVCR) hit a new 52-week high during trading on Monday . The company traded as high as $29.20 and last traded at $29.20, with a volume of 490024 shares changing hands. The stock had previously closed at $20.04.

Analysts Set New Price Targets

NVCR has been the subject of several research reports. Wedbush reiterated a “neutral” rating and issued a $29.00 price target (up from $24.00) on shares of NovoCure in a research note on Monday. Evercore ISI upgraded shares of NovoCure from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $18.00 to $30.00 in a report on Monday. Finally, HC Wainwright restated a “buy” rating and issued a $38.00 price target (up previously from $30.00) on shares of NovoCure in a research note on Monday. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.33.

NovoCure Trading Up 2.2 %

The stock has a fifty day simple moving average of $17.19 and a 200 day simple moving average of $18.51. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49. The firm has a market cap of $3.30 billion, a P/E ratio of -21.79 and a beta of 0.75.

NovoCure (NASDAQ:NVCR) last issued its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The business had revenue of $155.10 million during the quarter, compared to analyst estimates of $143.95 million. During the same quarter in the previous year, the firm earned ($0.46) EPS. NovoCure’s revenue was up 21.8% on a year-over-year basis. On average, research analysts expect that NovoCure Limited will post -1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NovoCure

A number of hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. increased its position in NovoCure by 222.6% during the third quarter. Franklin Resources Inc. now owns 180,853 shares of the medical equipment provider’s stock valued at $2,904,000 after acquiring an additional 124,793 shares during the last quarter. Tidal Investments LLC grew its stake in shares of NovoCure by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 55,756 shares of the medical equipment provider’s stock valued at $871,000 after purchasing an additional 2,465 shares during the period. Geode Capital Management LLC lifted its stake in shares of NovoCure by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,405,257 shares of the medical equipment provider’s stock worth $37,601,000 after purchasing an additional 29,871 shares during the period. Weiss Asset Management LP purchased a new position in shares of NovoCure in the third quarter worth approximately $735,000. Finally, IHT Wealth Management LLC bought a new stake in NovoCure during the third quarter valued at approximately $180,000. 84.61% of the stock is currently 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.