NovoCure (NASDAQ:NVCR) Price Target Raised to $24.00

NovoCure (NASDAQ:NVCR) had its price target upped by HC Wainwright from $22.00 to $24.00 in a report issued on Wednesday, Benzinga reports. HC Wainwright currently has a neutral rating on the medical equipment provider’s stock.

A number of other analysts have also recently commented on NVCR. JPMorgan Chase & Co. lifted their target price on NovoCure from $15.00 to $17.00 and gave the stock a neutral rating in a research report on Tuesday, March 19th. Evercore ISI lifted their target price on NovoCure from $14.00 to $15.00 and gave the stock an in-line rating in a research report on Friday, February 23rd. Finally, Wedbush reiterated a neutral rating and set a $21.00 target price on shares of NovoCure in a research report on Monday, January 8th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $34.13.

NovoCure Stock Up 6.8 %

NovoCure stock opened at $15.63 on Wednesday. NovoCure has a 1-year low of $10.87 and a 1-year high of $83.60. The company has a debt-to-equity ratio of 1.57, a current ratio of 5.78 and a quick ratio of 5.56. The stock has a market cap of $1.67 billion, a PE ratio of -8.02 and a beta of 0.41. The stock’s fifty day moving average is $14.97 and its two-hundred day moving average is $14.47.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, February 22nd. The medical equipment provider reported ($0.45) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.08. NovoCure had a negative return on equity of 51.63% and a negative net margin of 40.65%. The company had revenue of $133.80 million for the quarter, compared to analysts’ expectations of $133.80 million. During the same period last year, the firm earned ($0.36) earnings per share. NovoCure’s quarterly revenue was up 4.2% on a year-over-year basis. On average, sell-side analysts expect that NovoCure will post -1.73 EPS for the current fiscal year.

Insider Buying and Selling

In other NovoCure news, EVP Frank X. Leonard sold 1,679 shares of NovoCure stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $16.03, for a total value of $26,914.37. Following the sale, the executive vice president now owns 160,938 shares of the company’s stock, valued at approximately $2,579,836.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other NovoCure news, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of NovoCure stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $16.03, for a total value of $33,775.21. Following the sale, the chief operating officer now owns 252,452 shares of the company’s stock, valued at approximately $4,046,805.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Frank X. Leonard sold 1,679 shares of NovoCure stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $16.03, for a total value of $26,914.37. Following the completion of the sale, the executive vice president now directly owns 160,938 shares in the company, valued at approximately $2,579,836.14. The disclosure for this sale can be found here. Insiders have sold a total of 7,921 shares of company stock valued at $127,161 over the last quarter. 5.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On NovoCure

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of NovoCure by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 9,759,098 shares of the medical equipment provider’s stock worth $145,703,000 after acquiring an additional 122,105 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of NovoCure by 7.7% during the 4th quarter. Legal & General Group Plc now owns 192,508 shares of the medical equipment provider’s stock worth $2,874,000 after acquiring an additional 13,704 shares in the last quarter. Voya Investment Management LLC boosted its stake in shares of NovoCure by 96.1% during the 4th quarter. Voya Investment Management LLC now owns 159,885 shares of the medical equipment provider’s stock worth $2,387,000 after acquiring an additional 78,357 shares in the last quarter. Oracle Alpha Inc. purchased a new stake in shares of NovoCure during the 4th quarter worth approximately $191,000. Finally, Royal Bank of Canada boosted its stake in shares of NovoCure by 382.2% during the 4th quarter. Royal Bank of Canada now owns 63,072 shares of the medical equipment provider’s stock worth $941,000 after acquiring an additional 49,992 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

About NovoCure

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) devices for the treatment of solid tumor cancers in the United States, Germany, Japan, Greater China, and internationally. The company's TTFields devices include Optune Gio and Optune Lua.