Novocure (NASDAQ:NVCR) had its price objective lifted by Wells Fargo & Co from $53.00 to $58.00 in a research note issued to investors on Wednesday, September 19th, The Fly reports. The firm currently has a “positive” rating on the medical equipment provider’s stock. Wells Fargo & Co’s price objective suggests a potential upside of 28.40% from the company’s previous close.
A number of other equities research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Novocure in a research report on Sunday, September 16th. Wedbush restated an “outperform” rating and issued a $40.00 price objective (down previously from $50.00) on shares of Novocure in a report on Friday, September 7th. Mizuho reiterated a “buy” rating and issued a $58.00 price target on shares of Novocure in a research note on Thursday, September 6th. BidaskClub downgraded shares of Novocure from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 22nd. Finally, ValuEngine upgraded shares of Novocure from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 3rd. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Novocure currently has an average rating of “Buy” and an average price target of $49.57.
Novocure stock traded up $1.30 during midday trading on Wednesday, hitting $45.17. 732,193 shares of the stock were exchanged, compared to its average volume of 859,638. Novocure has a fifty-two week low of $16.10 and a fifty-two week high of $53.70. The stock has a market cap of $4.87 billion, a P/E ratio of -64.53 and a beta of 3.29. The company has a current ratio of 6.41, a quick ratio of 5.97 and a debt-to-equity ratio of 1.33.
Novocure (NASDAQ:NVCR) last announced its quarterly earnings results on Thursday, July 26th. The medical equipment provider reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). Novocure had a negative net margin of 26.99% and a negative return on equity of 52.34%. The company had revenue of $61.50 million for the quarter, compared to analyst estimates of $59.53 million. The company’s revenue was up 60.2% compared to the same quarter last year. As a group, analysts forecast that Novocure will post -0.69 EPS for the current year.
In other Novocure news, insider Yoram Palti sold 25,666 shares of the business’s stock in a transaction on Monday, August 27th. The shares were sold at an average price of $40.03, for a total value of $1,027,409.98. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Wilhelmus Cm Groenhuysen sold 1,241 shares of the business’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $35.01, for a total transaction of $43,447.41. Following the completion of the transaction, the chief financial officer now directly owns 115,644 shares in the company, valued at $4,048,696.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 198,518 shares of company stock valued at $7,543,993. 15.30% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the company. FMR LLC grew its stake in shares of Novocure by 12.6% during the 2nd quarter. FMR LLC now owns 7,862,121 shares of the medical equipment provider’s stock worth $246,084,000 after purchasing an additional 881,776 shares during the period. BlackRock Inc. boosted its position in shares of Novocure by 22.4% in the 2nd quarter. BlackRock Inc. now owns 4,620,546 shares of the medical equipment provider’s stock worth $144,623,000 after buying an additional 846,277 shares in the last quarter. Baillie Gifford & Co. boosted its position in shares of Novocure by 12.5% in the 2nd quarter. Baillie Gifford & Co. now owns 3,093,395 shares of the medical equipment provider’s stock worth $96,823,000 after buying an additional 343,756 shares in the last quarter. Farallon Capital Management LLC boosted its position in shares of Novocure by 58.8% in the 1st quarter. Farallon Capital Management LLC now owns 1,850,000 shares of the medical equipment provider’s stock worth $40,330,000 after buying an additional 685,000 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its position in shares of Novocure by 74.2% in the 1st quarter. Allianz Asset Management GmbH now owns 928,025 shares of the medical equipment provider’s stock worth $20,231,000 after buying an additional 395,316 shares in the last quarter. 56.08% of the stock is currently owned by institutional investors and hedge funds.
Novocure Company Profile
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.
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