NovoCure Limited (NASDAQ:NVCR) Receives $32.83 Average Price Target from Brokerages

NovoCure Limited (NASDAQ:NVCR) has been assigned an average rating of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $32.83.

Several research firms recently issued reports on NVCR. JPMorgan Chase & Co. cut their price target on shares of NovoCure from $29.00 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. HC Wainwright reissued a “buy” rating and set a $38.00 target price on shares of NovoCure in a report on Tuesday, January 14th. StockNews.com cut shares of NovoCure from a “hold” rating to a “sell” rating in a report on Friday, April 25th. Wedbush dropped their target price on shares of NovoCure from $29.00 to $27.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Finally, Piper Sandler dropped their target price on shares of NovoCure from $42.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd.

Hedge Funds Weigh In On NovoCure

A number of hedge funds have recently added to or reduced their stakes in the company. Nuveen LLC acquired a new position in NovoCure during the first quarter valued at approximately $12,363,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in NovoCure by 22.2% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 534,749 shares of the medical equipment provider’s stock valued at $9,529,000 after purchasing an additional 96,977 shares during the last quarter. Wealthquest Corp acquired a new position in NovoCure during the first quarter valued at approximately $129,000. GSA Capital Partners LLP acquired a new position in NovoCure during the first quarter valued at approximately $989,000. Finally, Y Intercept Hong Kong Ltd grew its holdings in NovoCure by 25.2% during the first quarter. Y Intercept Hong Kong Ltd now owns 23,492 shares of the medical equipment provider’s stock valued at $419,000 after purchasing an additional 4,723 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

NovoCure Price Performance

NovoCure stock opened at $18.57 on Friday. NovoCure has a 1 year low of $14.17 and a 1 year high of $34.13. The firm has a 50 day moving average price of $17.90 and a 200 day moving average price of $21.80. The company has a market cap of $2.07 billion, a price-to-earnings ratio of -13.26 and a beta of 0.73. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Thursday, April 24th. The medical equipment provider reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.16. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The business had revenue of $154.99 million for the quarter, compared to analysts’ expectations of $147.57 million. During the same period in the previous year, the company posted ($0.36) earnings per share. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. Sell-side analysts predict that NovoCure will post -1.3 earnings per share for the current 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.