NovoCure (NASDAQ:NVCR) Stock Price Target Lowered at Wedbush

NovoCure (NASDAQ:NVCR) had its price target lowered by analysts at Wedbush from $20.00 to $19.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the medical equipment provider’s stock. Wedbush‘s price objective would suggest a potential upside of 50.97% from the company’s previous close.

A number of other equities research analysts have also weighed in on NVCR. Weiss Ratings lowered shares of NovoCure from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 30th. Wells Fargo & Company decreased their price target on NovoCure from $20.00 to $15.00 and set an “equal weight” rating for the company in a report on Friday, October 30th. Zacks Research raised shares of NovoCure from a “strong sell” rating to a “hold” rating in a report on Friday, July 24th. HC Wainwright set a $32.00 target price on shares of NovoCure in a research report on Friday, July 24th. Finally, JPMorgan Chase & Co. initiated coverage on NovoCure in a research report on Monday, July 13th. They issued a “neutral” rating and a $17.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $20.60.

NovoCure Price Performance

NVCR stock traded up $0.06 during midday trading on Tuesday, reaching $12.59. The stock had a trading volume of 171,204 shares, compared to its average volume of 1,681,324. The company has a market cap of $1.47 billion, a price-to-earnings ratio of -11.86 and a beta of 1.09. The company has a current ratio of 2.49, a quick ratio of 2.34 and a debt-to-equity ratio of 0.49. NovoCure has a 52-week low of $9.82 and a 52-week high of $21.45. The company’s fifty day simple moving average is $15.30 and its 200 day simple moving average is $14.78.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Thursday, October 29th. The medical equipment provider reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.14. The company had revenue of $193.40 million for the quarter, compared to analyst estimates of $182.28 million. NovoCure had a negative net margin of 16.78% and a negative return on equity of 35.81%. NovoCure’s revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.33) EPS. As a group, sell-side analysts predict that NovoCure will post -1.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NovoCure

Several hedge funds have recently added to or reduced their stakes in the stock. Sei Investments Co. raised its position in shares of NovoCure by 367.6% in the 1st quarter. Sei Investments Co. now owns 114,281 shares of the medical equipment provider’s stock worth $1,246,000 after acquiring an additional 89,839 shares in the last quarter. First Trust Advisors LP purchased a new position in NovoCure during the first quarter worth about $1,028,000. Quantinno Capital Management LP raised its holdings in NovoCure by 23.7% in the 1st quarter. Quantinno Capital Management LP now owns 2,487,376 shares of the medical equipment provider’s stock valued at $27,112,000 after buying an additional 477,128 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of NovoCure by 27.6% in the first quarter. Dimensional Fund Advisors LP now owns 960,056 shares of the medical equipment provider’s stock valued at $10,462,000 after buying an additional 207,913 shares in the last quarter. Finally, Allianz Asset Management GmbH purchased a new stake in NovoCure during the 2nd quarter worth approximately $2,248,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

About NovoCure