NovoCure Ltd. (NVCR) Sees Large Volume Increase
Shares of NovoCure Ltd. (NASDAQ:NVCR) saw unusually-strong trading volume on Friday . Approximately 883,600 shares traded hands during trading, an increase of 99% from the previous session’s volume of 445,093 shares.The stock last traded at $7.37 and had previously closed at $8.09.
Several equities analysts have recently commented on NVCR shares. Wedbush reaffirmed an “outperform” rating and set a $30.00 price target on shares of NovoCure in a research report on Tuesday, April 5th. Zacks Investment Research cut shares of NovoCure from a “hold” rating to a “sell” rating in a research report on Friday, May 13th. Barclays PLC reduced their price target on shares of NovoCure from $12.00 to $9.00 and set an “underweight” rating on the stock in a research report on Friday. Deutsche Bank AG reduced their price target on shares of NovoCure from $28.00 to $16.00 and set a “hold” rating on the stock in a research report on Friday. Finally, JMP Securities cut their target price on shares of NovoCure from $43.00 to $34.00 and set a “market outperform” rating on the stock in a report on Friday. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $21.43.
The firm’s market cap is $635.58 million. The firm’s 50 day moving average price is $11.24 and its 200-day moving average price is $12.76.
NovoCure (NASDAQ:NVCR) last released its earnings results on Thursday, July 28th. The company reported ($0.48) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.37) by $0.11. The business had revenue of $17.90 million for the quarter, compared to analysts’ expectations of $15.90 million. Equities analysts forecast that NovoCure Ltd. will post ($1.46) EPS for the current year.
In other NovoCure news, COO Michael J. Ambrogi sold 20,000 shares of the business’s stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $12.24, for a total transaction of $244,800.00. Following the completion of the transaction, the chief operating officer now owns 324,084 shares of the company’s stock, valued at approximately $3,966,788.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in the company. Hartline Investment Corp purchased a new position in NovoCure during the fourth quarter worth $1,143,000. Century Capital Management LLC purchased a new position in NovoCure during the fourth quarter worth $2,970,000. Finally, Morgan Stanley purchased a new position in NovoCure during the fourth quarter worth $9,619,000.
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.