NovoCure (NASDAQ:NVCR) Shares Gap Up After Analyst Upgrade

NovoCure Limited (NASDAQ:NVCR)’s stock price gapped up prior to trading on Friday after Piper Sandler raised their price target on the stock from $28.00 to $42.00. The stock had previously closed at $30.06, but opened at $31.22. Piper Sandler currently has an overweight rating on the stock. NovoCure shares last traded at $31.99, with a volume of 128,065 shares traded.

Other equities analysts also recently issued research reports about the stock. Wedbush reissued a “neutral” rating and set a $29.00 price target (up previously from $24.00) on shares of NovoCure in a report on Monday, December 2nd. Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $18.00 to $30.00 in a research report on Monday, December 2nd. Finally, HC Wainwright reiterated a “buy” rating and set a $38.00 price target (up previously from $30.00) on shares of NovoCure in a research report on Monday, December 2nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.67.

Institutional Trading of NovoCure

A number of large investors have recently added to or reduced their stakes in the business. Nordwand Advisors LLC raised its holdings in shares of NovoCure by 100.0% during the third quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock valued at $47,356,000 after acquiring an additional 1,514,824 shares during the period. Renaissance Technologies LLC grew its stake in shares of NovoCure by 171.9% in the second quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock worth $13,022,000 after acquiring an additional 480,600 shares during the last quarter. Panagora Asset Management Inc. grew its position in NovoCure by 309.8% in the 2nd quarter. Panagora Asset Management Inc. now owns 409,794 shares of the medical equipment provider’s stock worth $7,020,000 after purchasing an additional 309,805 shares during the last quarter. AQR Capital Management LLC increased its position in shares of NovoCure by 234.2% during the second quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock valued at $7,391,000 after purchasing an additional 302,351 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in NovoCure by 56.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock valued at $7,194,000 after buying an additional 152,185 shares during the period. 84.61% of the stock is currently owned by institutional investors.

NovoCure Trading Up 6.4 %

The business’s 50 day simple moving average is $18.80 and its 200 day simple moving average is $18.78. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. The stock has a market cap of $3.46 billion, a P/E ratio of -22.85 and a beta of 0.75.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.06. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The firm had revenue of $155.10 million for the quarter, compared to analyst estimates of $143.95 million. During the same period in the previous year, the business earned ($0.46) earnings per share. The company’s revenue for the quarter was up 21.8% compared to the same quarter last year. On average, analysts expect that NovoCure Limited will post -1.32 earnings per share for the current fiscal year.

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.