NovoCure Limited (NASDAQ:NVCR) Stock Has Consensus Target Price of $21.20 According to Analysts

Shares of NovoCure Limited (NASDAQ:NVCR) have been assigned a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $21.20.

Several equities research analysts recently commented on NVCR shares. Wall Street Zen cut NovoCure from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Wedbush boosted their price objective on NovoCure from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. HC Wainwright set a $32.00 price objective on NovoCure in a research note on Friday, July 24th. JPMorgan Chase & Co. initiated coverage on NovoCure in a report on Monday, July 13th. They issued a “neutral” rating and a $17.00 target price for the company. Finally, Zacks Research upgraded NovoCure from a “strong sell” rating to a “hold” rating in a report on Friday, July 24th.

NovoCure Trading Up 5.8%

NASDAQ NVCR opened at $14.89 on Friday. The stock’s 50 day simple moving average is $16.34 and its 200-day simple moving average is $15.79. NovoCure has a 1-year low of $9.82 and a 1-year high of $21.45. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.70 and a current ratio of 2.89.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, July 23rd. The medical equipment provider reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.20. NovoCure had a negative return on equity of 44.00% and a negative net margin of 21.25%. The firm had revenue of $183.58 million for the quarter, compared to analyst estimates of $172.44 million. During the same period in the previous year, the company posted ($0.36) earnings per share. The business’s revenue was up 15.6% on a year-over-year basis. Research analysts anticipate that NovoCure will post -1.21 earnings per share for the current year.

Hedge Funds Weigh In On NovoCure

Institutional investors and hedge funds have recently bought and sold shares of the company. Elevation Wealth Partners LLC grew its holdings in NovoCure by 196.4% in the 3rd quarter. Elevation Wealth Partners LLC now owns 1,731 shares of the medical equipment provider’s stock valued at $28,000 after buying an additional 1,147 shares in the last quarter. Strs Ohio raised its holdings in shares of NovoCure by 2.2% during the 1st quarter. Strs Ohio now owns 59,400 shares of the medical equipment provider’s stock worth $647,000 after acquiring an additional 1,300 shares during the period. Allworth Financial LP raised its holdings in shares of NovoCure by 182.0% during the 2nd quarter. Allworth Financial LP now owns 2,721 shares of the medical equipment provider’s stock worth $41,000 after acquiring an additional 1,756 shares during the period. Kera Capital Partners Inc. raised its holdings in shares of NovoCure by 9.0% during the 1st quarter. Kera Capital Partners Inc. now owns 21,454 shares of the medical equipment provider’s stock worth $234,000 after acquiring an additional 1,763 shares during the period. Finally, First Bancorp Inc ME acquired a new position in shares of NovoCure during the 2nd quarter valued at about $38,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

About NovoCure

NovoCure Ltd. (NASDAQ: NVCR) is an oncology company focused on developing and commercializing Tumor Treating Fields (TTFields), a non-invasive cancer treatment that uses low-intensity alternating electric fields to disrupt the division of tumor cells. The company’s technology is designed to be delivered through wearable systems that generate fields at specific frequencies and intensities.

NovoCure’s primary products include Optune Gio, marketed in the United States for certain adults with glioblastoma, and Optune Lua, approved in the United States for use with standard chemotherapy in adults with unresectable, locally advanced or metastatic malignant pleural mesothelioma.