NovoCure’s (NVCR) Neutral Rating Reaffirmed at Wedbush

NovoCure (NASDAQ:NVCR)‘s stock had its “neutral” rating reaffirmed by research analysts at Wedbush in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $18.00 price target on the medical equipment provider’s stock. Wedbush’s price objective suggests a potential upside of 47.47% from the company’s current price.

A number of other analysts also recently weighed in on NVCR. HC Wainwright increased their target price on shares of NovoCure from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Evercore set a $20.00 target price on shares of NovoCure in a research report on Monday, January 5th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of NovoCure in a research report on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, NovoCure presently has a consensus rating of “Hold” and a consensus target price of $26.93.

NovoCure Stock Performance

NASDAQ:NVCR opened at $12.21 on Thursday. The company has a market capitalization of $1.39 billion, a PE ratio of -10.02 and a beta of 0.82. The company has a 50 day simple moving average of $11.70 and a two-hundred day simple moving average of $12.53. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.71 and a current ratio of 2.90. NovoCure has a fifty-two week low of $9.82 and a fifty-two week high of $20.06.

NovoCure (NASDAQ:NVCR) last released its earnings results on Thursday, February 26th. The medical equipment provider reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.19. The business had revenue of $174.35 million during the quarter, compared to the consensus estimate of $174.40 million. NovoCure had a negative net margin of 20.79% and a negative return on equity of 39.11%. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.61) EPS. Research analysts anticipate that NovoCure will post -1.3 earnings per share for the current year.

Insider Activity

In other NovoCure news, Chairman William F. Doyle sold 71,887 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $12.98, for a total transaction of $933,093.26. Following the transaction, the chairman directly owned 328,397 shares in the company, valued at approximately $4,262,593.06. This represents a 17.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Frank X. Leonard sold 5,607 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $13.31, for a total value of $74,629.17. Following the transaction, the chief executive officer owned 493,793 shares in the company, valued at $6,572,384.83. The trade was a 1.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 140,041 shares of company stock worth $1,860,116. Company insiders own 5.52% of the company’s stock.

Hedge Funds Weigh In On NovoCure

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of NovoCure by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 10,958,209 shares of the medical equipment provider’s stock worth $141,690,000 after buying an additional 502,368 shares in the last quarter. Soleus Capital Management L.P. boosted its holdings in shares of NovoCure by 25.0% during the 2nd quarter. Soleus Capital Management L.P. now owns 6,904,302 shares of the medical equipment provider’s stock worth $122,897,000 after buying an additional 1,382,888 shares in the last quarter. Morgan Stanley lifted its holdings in shares of NovoCure by 453.4% in the 4th quarter. Morgan Stanley now owns 5,069,895 shares of the medical equipment provider’s stock worth $65,554,000 after purchasing an additional 4,153,741 shares in the last quarter. Balyasny Asset Management L.P. lifted its holdings in shares of NovoCure by 38.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 2,270,076 shares of the medical equipment provider’s stock worth $40,407,000 after purchasing an additional 634,925 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of NovoCure by 29.4% in the 4th quarter. Renaissance Technologies LLC now owns 1,387,754 shares of the medical equipment provider’s stock worth $17,944,000 after purchasing an additional 314,900 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

About NovoCure

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.