NovoCure Ltd. (NVCR) Sees Strong Trading Volume
NovoCure Ltd. (NASDAQ:NVCR) shares saw an uptick in trading volume on Friday . 883,600 shares were traded during mid-day 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 research firms recently commented on NVCR. Deutsche Bank AG dropped 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. Barclays PLC dropped 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. JPMorgan Chase & Co. dropped their price target on shares of NovoCure from $29.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday. Zacks Investment Research lowered shares of NovoCure from a “hold” rating to a “sell” rating in a research report on Friday, May 13th. Finally, Wedbush restated an “outperform” rating and set a $30.00 price target on shares of NovoCure in a research report on Tuesday, May 10th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $21.43.
The company’s market cap is $641.26 million. The stock’s 50 day moving average is $11.24 and its 200 day moving average is $12.76.
NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.37) by $0.11. The firm had revenue of $17.90 million for the quarter, compared to analyst estimates of $15.90 million. Equities research analysts forecast that NovoCure Ltd. will post ($1.49) EPS for the current year.
In other news, COO Michael J. Ambrogi sold 20,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief operating officer now owns 324,084 shares in the company, valued at approximately $3,966,788.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Several hedge funds recently modified their holdings of the company. Hartline Investment Corp bought a new stake in shares of NovoCure during the fourth quarter valued at $1,143,000. Century Capital Management LLC acquired a new stake in NovoCure during the fourth quarter valued at approximately $2,970,000. Finally, Morgan Stanley acquired a new stake in NovoCure during the fourth quarter valued at approximately $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.
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