NovoCure Limited (NASDAQ:NVCR) Stock Has Average Target Price of $22.33 According to Analysts

NovoCure Limited (NASDAQ:NVCR) has earned a consensus rating of “Hold” from the eight research firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $22.33.

A number of research analysts have recently commented on NVCR shares. Wedbush lowered their price objective on NovoCure from $20.00 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday. Weiss Ratings cut shares of NovoCure from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 30th. HC Wainwright set a $32.00 price objective on shares of NovoCure in a research note on Friday, July 24th. Wells Fargo & Company dropped their target price on shares of NovoCure from $20.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday, October 30th. Finally, Zacks Research raised shares of NovoCure from a “strong sell” rating to a “hold” rating in a research report on Friday, July 24th.

NovoCure Trading Up 0.9%

Shares of NVCR opened at $11.83 on Wednesday. The firm’s 50 day moving average price is $14.84 and its 200 day moving average price is $14.75. The company has a quick ratio of 2.34, a current ratio of 2.49 and a debt-to-equity ratio of 0.49. NovoCure has a twelve month low of $9.82 and a twelve month high of $21.45.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Thursday, October 29th. The medical equipment provider reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.14. The company had revenue of $193.40 million during the quarter, compared to the consensus estimate of $182.28 million. NovoCure had a negative net margin of 16.78% and a negative return on equity of 35.81%. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.33) earnings per share. As a group, equities research analysts forecast that NovoCure will post -1.10 EPS for the current year.

Institutional Investors Weigh In On NovoCure

Hedge funds have recently modified their holdings of the business. Elevation Wealth Partners LLC lifted its position in NovoCure by 196.4% during the 3rd quarter. Elevation Wealth Partners LLC now owns 1,731 shares of the medical equipment provider’s stock worth $28,000 after acquiring an additional 1,147 shares during the period. Allworth Financial LP raised its stake in shares of NovoCure by 182.0% in the second quarter. Allworth Financial LP now owns 2,721 shares of the medical equipment provider’s stock worth $41,000 after purchasing an additional 1,756 shares during the last quarter. Kera Capital Partners Inc. raised its stake in shares of NovoCure by 9.0% in the first quarter. Kera Capital Partners Inc. now owns 21,454 shares of the medical equipment provider’s stock worth $234,000 after purchasing an additional 1,763 shares during the last quarter. First Bancorp Inc ME purchased a new position in shares of NovoCure in the second quarter worth about $38,000. Finally, Chicago Partners Investment Group LLC raised its stake in shares of NovoCure by 8.2% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 33,251 shares of the medical equipment provider’s stock valued at $488,000 after buying an additional 2,521 shares during the last quarter. 84.61% of the stock is owned by institutional investors.

About NovoCure

NovoCure is a global oncology company that develops and commercializes Tumor Treating Fields (TTFields), a cancer treatment that uses wearable devices to deliver low-intensity electric fields intended to disrupt cancer cell division. Its products include Optune Gio and Optune Lua, which are used to treat certain cancers. The company is headquartered in Baar, Switzerland, and serves patients in markets across North America, Europe and Asia. NovoCure was founded in 2000 by Yoram Palti, a medical researcher who developed the TTFields approach.