NovoCure (NASDAQ:NVCR) Stock Rating Reaffirmed by Piper Sandler

Piper Sandler reissued their overweight rating on shares of NovoCure (NASDAQ:NVCR) in a report published on Wednesday, Benzinga reports. Piper Sandler currently has a $28.00 price objective on the medical equipment provider’s stock, up from their previous price objective of $25.00.

A number of other research firms 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. HC Wainwright lifted their target price on shares of NovoCure from $22.00 to $24.00 and gave the stock a neutral rating in a report on Wednesday, March 27th. Evercore ISI boosted their price target 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. Wells Fargo & Company decreased their price target on shares of NovoCure from $49.00 to $42.00 and set an overweight rating for the company in a report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. boosted their price target on shares of NovoCure from $15.00 to $17.00 and gave the company a neutral rating in a report on Tuesday, March 19th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, NovoCure presently has a consensus rating of Moderate Buy and an average target price of $31.13.

NovoCure Stock Performance

Shares of NovoCure stock opened at $13.57 on Wednesday. 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 firm has a market cap of $1.45 billion, a P/E ratio of -6.96 and a beta of 0.42. The firm has a 50 day simple moving average of $15.02 and a 200 day simple moving average of $14.12. NovoCure has a fifty-two week low of $10.87 and a fifty-two week high of $83.60.

NovoCure (NASDAQ:NVCR) last released its earnings results on Thursday, February 22nd. The medical equipment provider reported ($0.45) EPS for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.08. NovoCure had a negative net margin of 40.65% and a negative return on equity of 51.63%. The firm had revenue of $133.80 million during the quarter, compared to analyst estimates of $133.80 million. During the same quarter in the previous year, the business earned ($0.36) EPS. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. Sell-side analysts predict that NovoCure will post -1.78 earnings per share for the current fiscal year.

Insider Activity at NovoCure

In related news, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $16.03, for a total value of $33,775.21. Following the completion of the transaction, the chief operating officer now directly owns 252,452 shares of the company’s stock, valued at approximately $4,046,805.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Frank X. Leonard sold 1,679 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 160,938 shares of the company’s stock, valued at approximately $2,579,836.14. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the company’s stock in a transaction on 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 transaction, 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. In the last ninety days, insiders have sold 7,921 shares of company stock valued at $127,161. 5.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NovoCure

A number of large investors have recently modified their holdings of the business. GAMMA Investing LLC boosted its stake in shares of NovoCure by 278.0% during the 1st quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock worth $45,000 after buying an additional 2,118 shares during the last quarter. 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 buying an additional 122,105 shares during 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 buying an additional 13,704 shares during 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 buying an additional 78,357 shares during the last quarter. Finally, Oracle Alpha Inc. acquired a new position in shares of NovoCure during the 4th quarter worth about $191,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

NovoCure Company Profile

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.