NovoCure Ltd. (NVCR) Shares Up 3.7%
NovoCure Ltd. (NASDAQ:NVCR)’s share price shot up 3.7% during trading on Friday . The company traded as high as $8.09 and last traded at $8.04, with a volume of 149,998 shares. The stock had previously closed at $7.75.
A number of brokerages have recently commented on NVCR. Deutsche Bank AG dropped 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. Barclays PLC dropped 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. Zacks Investment Research cut NovoCure from a “hold” rating to a “sell” rating in a report on Friday, May 13th. JPMorgan Chase & Co. dropped their target price on NovoCure from $29.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, July 29th. Finally, Wedbush reiterated an “outperform” rating and issued a $30.00 target price on shares of NovoCure in a report on Tuesday, May 10th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. NovoCure presently has an average rating of “Hold” and a consensus price target of $21.43.
The stock’s 50-day moving average price is $8.78 and its 200-day moving average price is $11.65. The firm’s market capitalization is $690.48 million.
NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by $0.11. The business earned $17.90 million during the quarter, compared to the consensus estimate of $15.90 million. On average, equities analysts expect that NovoCure Ltd. will post ($1.74) earnings per share for the current year.
In other NovoCure news, COO Michael J. Ambrogi sold 20,000 shares of the stock in a transaction that occurred on Wednesday, June 8th. The stock was sold at an average price of $12.24, for a total transaction of $244,800.00. Following 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gert L. Perlhagen sold 676,576 shares of the stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $1.85, for a total value of $1,251,665.60. Following the transaction, the director now owns 676,576 shares in the company, valued at approximately $1,251,665.60. The disclosure for this sale can be found here.
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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