NovoCure Ltd. (NVCR) Shares Up 12.5%
Shares of NovoCure Ltd. (NASDAQ:NVCR) shot up 12.5% during mid-day trading on Monday . The company traded as high as $8.51 and last traded at $8.46, with a volume of 566,982 shares changing hands. The stock had previously closed at $7.52.
A number of research firms have recently issued reports on NVCR. Wedbush restated an “outperform” rating and issued a $30.00 target price on shares of NovoCure in a report on Tuesday, April 5th. Zacks Investment Research lowered NovoCure from a “hold” rating to a “sell” rating in a report on Friday, May 13th. Barclays PLC reduced their target price on NovoCure from $12.00 to $9.00 and set an “underweight” rating for the company in a report on Friday, July 29th. Deutsche Bank AG reduced their target price on NovoCure from $28.00 to $16.00 and set a “hold” rating for the company in a report on Friday, July 29th. Finally, JMP Securities reduced their target price on NovoCure from $43.00 to $34.00 and set a “market outperform” rating for the company in a report on Friday, July 29th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. NovoCure has an average rating of “Hold” and an average price target of $21.43.
The company’s market cap is $671.61 million. The firm has a 50-day moving average price of $11.00 and a 200-day moving average price of $12.48.
NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by $0.11. The company had revenue of $17.90 million for the quarter, compared to analyst estimates of $15.90 million. On average, analysts predict that NovoCure Ltd. will post ($1.80) EPS for the current fiscal year.
In other NovoCure news, COO Michael J. Ambrogi sold 20,000 shares of NovoCure 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 sale, 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 Securities & Exchange Commission, which is available through this hyperlink.
A hedge fund recently bought a new stake in NovoCure stock. Morgan Stanley bought a new position in NovoCure Ltd. (NASDAQ:NVCR) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 430,177 shares of the company’s stock, valued at approximately $9,619,000. Morgan Stanley owned about 0.51% of NovoCure as of its most recent SEC filing.
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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