NovoCure (NASDAQ:NVCR) Shares Gap Down Following Analyst Downgrade

NovoCure Limited (NASDAQ:NVCRGet Free Report)’s stock price gapped down prior to trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $49.00 to $42.00. The stock had previously closed at $14.39, but opened at $14.08. Wells Fargo & Company currently has an overweight rating on the stock. NovoCure shares last traded at $14.21, with a volume of 77,702 shares.

Several other equities analysts have also commented on NVCR. Wedbush reaffirmed a “neutral” rating and set a $21.00 target price on shares of NovoCure in a report on Wednesday, March 27th. JPMorgan Chase & Co. increased their target price on shares of NovoCure from $15.00 to $17.00 and gave the company a “neutral” rating in a report on Tuesday, March 19th. Evercore ISI increased their target price on shares of NovoCure from $14.00 to $15.00 and gave the company an “in-line” rating in a report on Friday, February 23rd. Finally, HC Wainwright increased their target price on shares of NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a report on Wednesday, March 27th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $33.25.

View Our Latest Stock Report on NovoCure

Insider Buying and Selling at NovoCure

In other news, EVP Frank X. Leonard sold 1,679 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,579,836.14. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Frank X. Leonard sold 1,679 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,579,836.14. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $16.03, for a total transaction of $33,775.21. Following the completion of the sale, the chief operating officer now directly owns 252,452 shares of the company’s stock, valued at $4,046,805.56. The disclosure for this sale can be found here. Insiders sold 7,921 shares of company stock valued at $127,161 in the last quarter. Company insiders own 5.67% of the company’s stock.

Institutional Trading of NovoCure

A number of institutional investors and hedge funds have recently bought and sold shares of NVCR. Vanguard Group Inc. boosted its holdings in shares of NovoCure by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 9,759,098 shares of the medical equipment provider’s stock worth $145,703,000 after buying an additional 122,105 shares during the last quarter. Legal & General Group Plc increased its stake in NovoCure by 7.7% in the 4th quarter. Legal & General Group Plc now owns 192,508 shares of the medical equipment provider’s stock worth $2,874,000 after buying an additional 13,704 shares during the period. Voya Investment Management LLC grew its holdings in 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. bought a new stake in shares of NovoCure in the 4th quarter valued at about $191,000. Finally, Royal Bank of Canada raised its position in shares of NovoCure by 382.2% in the 4th quarter. Royal Bank of Canada now owns 63,072 shares of the medical equipment provider’s stock valued at $941,000 after purchasing an additional 49,992 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

NovoCure Stock Performance

The firm’s fifty day moving average price is $15.02 and its two-hundred day moving average price is $14.33. The stock has a market capitalization of $1.54 billion, a PE ratio of -7.35 and a beta of 0.42. The company has a current ratio of 5.78, a quick ratio of 5.56 and a debt-to-equity ratio of 1.57.

NovoCure (NASDAQ:NVCRGet Free Report) last announced its quarterly earnings results on Thursday, February 22nd. The medical equipment provider reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.08. The firm had revenue of $133.80 million for the quarter, compared to analysts’ expectations of $133.80 million. NovoCure had a negative net margin of 40.65% and a negative return on equity of 51.63%. The company’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.36) EPS. As a group, equities research analysts forecast that NovoCure Limited will post -1.73 EPS for the current year.

About NovoCure

(Get Free Report)

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.

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