NovoCure (NASDAQ:NVCR) Sets New 52-Week High After Analyst Upgrade

Shares of NovoCure Limited (NASDAQ:NVCR) reached a new 52-week high on Wednesday after Wedbush raised their price target on the stock from $110.00 to $159.00. The stock traded as high as $180.96 and last traded at $179.30, with a volume of 13794 shares trading hands. The stock had previously closed at $175.81.

Other equities research analysts also recently issued research reports about the stock. Wells Fargo & Company downgraded shares of NovoCure from an “overweight” rating to an “equal weight” rating and set a $116.00 price objective for the company. in a research report on Friday, September 18th. They noted that the move was a valuation call. Piper Sandler upped their target price on NovoCure from $125.00 to $140.00 and gave the company an “overweight” rating in a report on Thursday, October 29th. TheStreet raised NovoCure from a “c” rating to a “b-” rating in a report on Tuesday, November 17th. Zacks Investment Research lowered NovoCure from a “hold” rating to a “sell” rating in a research report on Tuesday, October 27th. Finally, Northland Securities initiated coverage on shares of NovoCure in a report on Wednesday, September 23rd. They set an “outperform” rating for the company. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $107.67.

In other NovoCure news, CFO Ashley Cordova sold 230 shares of the firm’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $117.41, for a total transaction of $27,004.30. Following the transaction, the chief financial officer now owns 26,212 shares of the company’s stock, valued at approximately $3,077,550.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Asaf Danziger sold 207,910 shares of the firm’s stock in a transaction dated Friday, December 18th. The shares were sold at an average price of $157.39, for a total transaction of $32,722,954.90. Following the transaction, the chief executive officer now directly owns 301,587 shares in the company, valued at approximately $47,466,777.93. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 213,124 shares of company stock worth $33,555,227. Company insiders own 5.07% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp boosted its stake in NovoCure by 5.9% during the 3rd quarter. State Street Corp now owns 1,151,780 shares of the medical equipment provider’s stock valued at $128,205,000 after purchasing an additional 64,557 shares in the last quarter. Regentatlantic Capital LLC lifted its holdings in shares of NovoCure by 2.1% in the third quarter. Regentatlantic Capital LLC now owns 4,215 shares of the medical equipment provider’s stock valued at $469,000 after buying an additional 88 shares during the period. UBS Asset Management Americas Inc. lifted its holdings in shares of NovoCure by 9.9% in the third quarter. UBS Asset Management Americas Inc. now owns 109,858 shares of the medical equipment provider’s stock valued at $12,228,000 after buying an additional 9,902 shares during the period. California State Teachers Retirement System boosted its stake in NovoCure by 2.5% during the third quarter. California State Teachers Retirement System now owns 175,358 shares of the medical equipment provider’s stock valued at $19,519,000 after buying an additional 4,233 shares in the last quarter. Finally, Standard Life Aberdeen plc acquired a new position in NovoCure during the third quarter worth about $492,000. Hedge funds and other institutional investors own 63.41% of the company’s stock.

The company’s 50 day moving average price is $158.63 and its 200-day moving average price is $111.62. The company has a market cap of $18.01 billion, a price-to-earnings ratio of 931.31 and a beta of 1.24.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Thursday, October 29th. The medical equipment provider reported $0.09 EPS for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.05. NovoCure had a return on equity of 7.40% and a net margin of 4.26%. The firm had revenue of $132.70 million during the quarter, compared to analyst estimates of $120.02 million. During the same period last year, the company posted $0.02 EPS. The business’s quarterly revenue was up 44.1% compared to the same quarter last year. On average, sell-side analysts anticipate that NovoCure Limited will post 0.21 earnings per share for the current year.

NovoCure Company Profile (NASDAQ:NVCR)

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of Optune for the treatment of a variety of solid tumors. The company markets Optune and NovoTTF-100L, a Tumor Treating Fields delivery system for use as a monotherapy treatment for adult patients with glioblastoma.

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