Zacks Investment Research Lowers Novocure (NASDAQ:NVCR) to Hold

Novocure (NASDAQ:NVCR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “NovoCure Limited is an oncology company. The Company is engaged in developing a therapy called Tumor Treating Fields for the treatment of solid tumor cancers. It operates primarily in the United States, Germany, Switzerland and Japan. NovoCure Limited is based in Saint Helier, Channel Islands. “

Several other equities research analysts also recently weighed in on NVCR. SunTrust Banks reaffirmed a “hold” rating on shares of Moog in a research report on Monday. BidaskClub upgraded Westport Fuel Systems from a “hold” rating to a “buy” rating in a research report on Friday, July 12th. Mizuho set a $43.00 target price on Taubman Centers and gave the company a “hold” rating in a research report on Friday, July 26th. ValuEngine cut Welbilt from a “hold” rating to a “sell” rating in a research report on Friday, July 26th. Finally, Oppenheimer set a $2,100.00 target price on Amazon.com and gave the company a “buy” rating in a research report on Friday, July 26th. Five investment analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $68.00.

Shares of NVCR opened at $83.30 on Wednesday. The stock’s 50-day moving average is $65.23. The firm has a market cap of $7.56 billion, a P/E ratio of -120.72 and a beta of 2.45. The company has a debt-to-equity ratio of 1.01, a current ratio of 5.03 and a quick ratio of 4.68. Novocure has a fifty-two week low of $26.02 and a fifty-two week high of $83.49.

Novocure (NASDAQ:NVCR) last announced its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.06. The company had revenue of $86.70 million for the quarter, compared to the consensus estimate of $78.98 million. Novocure had a negative return on equity of 31.80% and a negative net margin of 13.84%. The firm’s revenue for the quarter was up 41.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.17) EPS. As a group, analysts predict that Novocure will post -0.18 earnings per share for the current fiscal year.

In related news, Director Gabriel Leung sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $64.83, for a total value of $324,150.00. Following the transaction, the director now directly owns 74,504 shares of the company’s stock, valued at approximately $4,830,094.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Pritesh Shah sold 12,500 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $77.94, for a total transaction of $974,250.00. Following the completion of the transaction, the insider now directly owns 89,476 shares in the company, valued at $6,973,759.44. The disclosure for this sale can be found here. Insiders have sold a total of 866,470 shares of company stock worth $49,723,020 over the last 90 days. Insiders own 5.60% of the company’s stock.

A number of institutional investors have recently modified their holdings of NVCR. Strategic Financial Services Inc purchased a new position in Novocure in the 1st quarter worth approximately $207,000. Raymond James & Associates lifted its position in Novocure by 31.7% in the fourth quarter. Raymond James & Associates now owns 7,113 shares of the medical equipment provider’s stock valued at $238,000 after acquiring an additional 1,714 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in shares of Novocure in the second quarter valued at about $241,000. Schnieders Capital Management LLC acquired a new position in shares of Novocure during the first quarter worth about $266,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Novocure by 13.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,573 shares of the medical equipment provider’s stock worth $289,000 after acquiring an additional 546 shares during the period. 65.23% of the stock is currently owned by hedge funds and other institutional investors.

Novocure Company Profile

Novocure Ltd. is global oncology company, which engages in the development and commercialization of its innovative therapy. It focuses on the commercial adoption of Optune, and its Tumor Treating Fields delivery system, for the treatment of glioblastoma (GBM), and to advance programs testing the efficacy and safety of Optune in multiple solid tumor indications through clinical pipeline.

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