NovoCure Ltd. (NVCR) Sees Strong Trading Volume
Shares of NovoCure Ltd. (NASDAQ:NVCR) saw unusually-high trading volume on Thursday . Approximately 459,197 shares were traded during trading, an increase of 84% from the previous session’s volume of 249,292 shares.The stock last traded at $7.75 and had previously closed at $7.68.
NVCR has been the subject of several recent analyst reports. Zacks Investment Research downgraded NovoCure from a “hold” rating to a “sell” rating in a research note on Wednesday, August 3rd. JPMorgan Chase & Co. decreased their target price on NovoCure from $29.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, July 29th. Wedbush restated an “outperform” rating and set a $30.00 target price on shares of NovoCure in a research note on Wednesday, July 6th. Deutsche Bank AG decreased their target price on NovoCure from $28.00 to $16.00 and set a “hold” rating for the company in a research note on Friday, July 29th. Finally, Barclays PLC decreased their target price on NovoCure from $12.00 to $9.00 and set an “underweight” rating for the company in a research note on Friday, July 29th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. NovoCure currently has an average rating of “Hold” and a consensus price target of $21.43.
The stock’s market capitalization is $664.75 million. The company’s 50-day moving average is $8.89 and its 200-day moving average is $11.68.
NovoCure (NASDAQ:NVCR) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by $0.11. The business earned $17.90 million during the quarter, compared to analysts’ expectations of $15.90 million. Equities analysts expect that NovoCure Ltd. will post ($1.74) earnings per share for the current year.
In related news, Director Gert L. Perlhagen sold 676,576 shares of NovoCure stock in a transaction dated 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 sale, the director now owns 676,576 shares of the company’s stock, valued at $1,251,665.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Michael J. Ambrogi sold 20,000 shares of NovoCure stock in a transaction dated 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 sale, the chief operating officer now directly owns 324,084 shares in the company, valued at approximately $3,966,788.16. 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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