NovoCure (NASDAQ:NVCR) Price Target Cut to $18.00

NovoCure (NASDAQ:NVCR) had its price target cut by Evercore ISI from $21.00 to $18.00 in a research note published on Tuesday, Benzinga reports. They currently have an in-line rating on the medical equipment provider’s stock.

Other research analysts have also recently issued research reports about the company. Wedbush reissued an outperform rating and issued a $24.00 price objective on shares of NovoCure in a research note on Thursday, July 25th. Wells Fargo & Company cut their price target on NovoCure from $42.00 to $40.00 and set an overweight rating on the stock in a research note on Friday, July 26th. Finally, HC Wainwright upped their price objective on shares of NovoCure from $22.00 to $24.00 and gave the stock a neutral rating in a research note on Friday, July 26th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, NovoCure currently has a consensus rating of Hold and an average price target of $25.17.

NovoCure Stock Up 1.2 %

NASDAQ:NVCR opened at $14.72 on Tuesday. The company has a market cap of $1.58 billion, a price-to-earnings ratio of -8.13 and a beta of 0.71. NovoCure has a twelve month low of $10.87 and a twelve month high of $24.74. The company has a current ratio of 6.46, a quick ratio of 6.22 and a debt-to-equity ratio of 1.81. The stock has a fifty day simple moving average of $17.98 and a 200-day simple moving average of $17.59.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.09. The company had revenue of $150.40 million during the quarter, compared to analyst estimates of $135.83 million. NovoCure had a negative net margin of 30.67% and a negative return on equity of 45.68%. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.54) EPS. Analysts anticipate that NovoCure will post -1.34 EPS for the current year.

Hedge Funds Weigh In On NovoCure

A number of large investors have recently added to or reduced their stakes in NVCR. Vanguard Group Inc. raised its stake in shares of NovoCure by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 10,023,981 shares of the medical equipment provider’s stock worth $156,675,000 after acquiring an additional 264,883 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in NovoCure by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,378,940 shares of the medical equipment provider’s stock worth $37,184,000 after purchasing an additional 125,715 shares during the last quarter. Norges Bank acquired a new position in shares of NovoCure during the fourth quarter worth $14,543,000. Renaissance Technologies LLC lifted its holdings in shares of NovoCure by 171.9% during the 2nd quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock valued at $13,022,000 after purchasing an additional 480,600 shares during the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of NovoCure by 5.8% in the 2nd quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock worth $12,726,000 after purchasing an additional 40,870 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

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.