NovoCure (NASDAQ:NVCR) Sets New 52-Week High – Should You Buy?

NovoCure Limited (NASDAQ:NVCR) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $34.00 and last traded at $33.95, with a volume of 259665 shares. The stock had previously closed at $32.10.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NVCR. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 price objective (up previously from $30.00) on shares of NovoCure in a report on Monday, December 2nd. Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $18.00 to $30.00 in a research note on Monday, December 2nd. Wedbush reiterated a “neutral” rating and set a $29.00 price target (up previously from $24.00) on shares of NovoCure in a research report on Monday, December 2nd. Finally, Piper Sandler boosted their price objective on NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $32.67.

NovoCure Price Performance

The stock’s 50 day moving average is $20.17 and its two-hundred day moving average is $19.02. 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 stock has a market capitalization of $3.47 billion, a PE ratio of -22.88 and a beta of 0.75.

NovoCure (NASDAQ:NVCR) last released its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $143.95 million. During the same quarter last year, the business posted ($0.46) earnings per share. The business’s quarterly revenue was up 21.8% compared to the same quarter last year. On average, equities analysts anticipate that NovoCure Limited will post -1.32 EPS for the current fiscal year.

Institutional Investors Weigh In On NovoCure

Large investors have recently modified their holdings of the business. Nordwand Advisors LLC boosted its position in NovoCure by 100.0% during the third quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock worth $47,356,000 after acquiring an additional 1,514,824 shares during the last quarter. Renaissance Technologies LLC lifted its stake in NovoCure by 171.9% in the 2nd quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock worth $13,022,000 after purchasing an additional 480,600 shares in the last quarter. Panagora Asset Management Inc. boosted its holdings in shares of NovoCure by 309.8% during 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 during the last quarter. AQR Capital Management LLC increased its holdings in shares of NovoCure by 234.2% in the second quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock valued at $7,391,000 after purchasing an additional 302,351 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in NovoCure by 56.8% during the second quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock worth $7,194,000 after buying an additional 152,185 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.