NovoCure Ltd. (NVCR) Trading 4.1% Higher
Shares of NovoCure Ltd. (NASDAQ:NVCR) traded up 4.1% during trading on Monday . The stock traded as high as $12.05 and last traded at $12.04, with a volume of 218,629 shares trading hands. The stock had previously closed at $11.57.
Several analysts have recently commented on the stock. Wedbush reaffirmed an “outperform” rating and issued a $30.00 price objective on shares of NovoCure in a report on Wednesday, July 6th. Zacks Investment Research downgraded shares of NovoCure from a “hold” rating to a “sell” rating in a report on Friday, May 13th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $28.57.
The stock has a 50 day moving average price of $11.44 and a 200 day moving average price of $13.27. The stock’s market cap is $1.00 billion.
NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Monday, May 9th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by $0.09. The company had revenue of $13.10 million for the quarter, compared to the consensus estimate of $23.65 million. On average, analysts anticipate that NovoCure Ltd. will post ($1.38) EPS for the current fiscal year.
In related news, COO Michael J. Ambrogi sold 20,000 shares of NovoCure stock in a transaction that occurred on Wednesday, June 8th. The shares were sold at an average price of $12.24, for a total value of $244,800.00. Following the completion of the transaction, the chief operating officer now owns 324,084 shares in the company, valued at $3,966,788.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
A number of hedge funds recently added to or reduced their stakes in the company. Morgan Stanley bought a new stake in NovoCure during the fourth quarter worth $9,619,000. Century Capital Management LLC bought a new stake in NovoCure during the fourth quarter worth $2,970,000. Finally, Hartline Investment Corp bought a new stake in NovoCure during the fourth quarter worth $1,143,000.
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a therapy called TTFields for the treatment of solid tumor cancers. TTFields is a low-toxicity anti-mitotic treatment that uses low-intensity, intermediate frequency, alternating electric fields to exert physical forces on molecules inside cancer cells, disrupting the basic machinery for normal cell division, leading to cancer cell death.
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