NovoCure (NASDAQ:NVCR) Receives “Buy” Rating from HC Wainwright

NovoCure (NASDAQ:NVCR)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a note issued to investors on Thursday,Benzinga reports. They presently have a $46.00 price objective on the medical equipment provider’s stock, down from their previous price objective of $48.00. HC Wainwright’s price target would indicate a potential upside of 212.73% from the company’s current price.

Other analysts have also recently issued research reports about the company. Weiss Ratings upgraded NovoCure from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. Wells Fargo & Company boosted their target price on NovoCure from $13.50 to $17.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Evercore reiterated an “outperform” rating on shares of NovoCure in a report on Friday, May 1st. Finally, Wedbush reiterated a “neutral” rating and set a $18.00 target price on shares of NovoCure in a report on Thursday, April 16th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, NovoCure has an average rating of “Hold” and a consensus target price of $26.86.

NovoCure Trading Down 17.6%

Shares of NASDAQ NVCR traded down $3.14 on Thursday, reaching $14.71. 2,242,695 shares of the company traded hands, compared to its average volume of 1,759,445. The company has a current ratio of 2.90, a quick ratio of 2.70 and a debt-to-equity ratio of 0.71. NovoCure has a fifty-two week low of $9.82 and a fifty-two week high of $18.92. The stock has a market capitalization of $1.70 billion, a PE ratio of -9.61 and a beta of 0.93. The company has a 50 day moving average of $15.46 and a 200 day moving average of $13.53.

NovoCure (NASDAQ:NVCR) last issued its earnings results on Thursday, April 30th. The medical equipment provider reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.11). NovoCure had a negative return on equity of 50.82% and a negative net margin of 25.66%.The firm had revenue of $174.06 million for the quarter, compared to analysts’ expectations of $167.77 million. During the same quarter in the previous year, the firm posted ($0.31) EPS. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. On average, equities research analysts forecast that NovoCure will post -1.55 earnings per share for the current fiscal year.

Insider Transactions at NovoCure

In other NovoCure news, Director Allyson J. Ocean sold 2,945 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $15.77, for a total value of $46,442.65. Following the completion of the transaction, the director owned 11,324 shares in the company, valued at $178,579.48. This represents a 20.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Timothy J. Scannell sold 2,945 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $15.77, for a total value of $46,442.65. Following the completion of the transaction, the director owned 14,288 shares of the company’s stock, valued at approximately $225,321.76. This represents a 17.09% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 51,943 shares of company stock worth $893,171 over the last 90 days. 5.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NovoCure

Institutional investors have recently made changes to their positions in the business. Quantbot Technologies LP raised its position in shares of NovoCure by 163.6% in the 3rd quarter. Quantbot Technologies LP now owns 195,515 shares of the medical equipment provider’s stock valued at $2,526,000 after purchasing an additional 121,354 shares in the last quarter. Algert Global LLC raised its position in shares of NovoCure by 372.2% in the 3rd quarter. Algert Global LLC now owns 682,858 shares of the medical equipment provider’s stock valued at $8,823,000 after purchasing an additional 538,235 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of NovoCure by 104.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 282,184 shares of the medical equipment provider’s stock valued at $3,646,000 after purchasing an additional 144,024 shares in the last quarter. Tudor Investment Corp ET AL raised its position in shares of NovoCure by 140.6% in the 3rd quarter. Tudor Investment Corp ET AL now owns 606,070 shares of the medical equipment provider’s stock valued at $7,830,000 after purchasing an additional 354,216 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of NovoCure by 18.3% in the 3rd quarter. American Century Companies Inc. now owns 1,218,807 shares of the medical equipment provider’s stock valued at $15,747,000 after purchasing an additional 188,933 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

About NovoCure

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.