HC Wainwright Cuts NovoCure (NASDAQ:NVCR) Price Target to $22.00

NovoCure (NASDAQ:NVCR) had its price objective decreased by HC Wainwright from $24.00 to $22.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the medical equipment provider’s stock. HC Wainwright’s price target would suggest a potential upside of 72.55% from the stock’s current price.

Several other brokerages have also issued reports on NVCR. Evercore ISI raised their target price on NovoCure from $14.00 to $15.00 and gave the company an “in-line” rating in a research report on Friday, February 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $28.00 price objective (up previously from $25.00) on shares of NovoCure in a research report on Wednesday, April 10th. Wedbush reiterated a “neutral” rating and issued a $21.00 target price on shares of NovoCure in a research note on Wednesday, March 27th. JPMorgan Chase & Co. lifted their price target on shares of NovoCure from $15.00 to $17.00 and gave the stock a “neutral” rating in a report on Tuesday, March 19th. Finally, Wells Fargo & Company reduced their price objective on NovoCure from $49.00 to $42.00 and set an “overweight” rating for the company in a report on Wednesday, April 3rd. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, NovoCure has an average rating of “Moderate Buy” and a consensus target price of $30.88.

NovoCure Stock Up 0.1 %

NVCR traded up $0.01 during mid-day trading on Thursday, reaching $12.75. 581,825 shares of the stock were exchanged, compared to its average volume of 1,321,356. NovoCure has a 1 year low of $10.87 and a 1 year high of $83.60. The company has a debt-to-equity ratio of 1.57, a quick ratio of 5.56 and a current ratio of 5.78. The stock has a market capitalization of $1.37 billion, a PE ratio of -6.52 and a beta of 0.50. The company has a 50 day moving average price of $14.23 and a two-hundred day moving average price of $13.87.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, February 22nd. The medical equipment provider reported ($0.45) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.08. NovoCure had a negative net margin of 40.65% and a negative return on equity of 51.63%. The business had revenue of $133.80 million during the quarter, compared to the consensus estimate of $133.80 million. During the same period in the prior year, the firm posted ($0.36) EPS. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. As a group, research analysts anticipate that NovoCure will post -1.78 EPS for the current year.

Insider Buying and Selling at NovoCure

In related news, EVP Frank X. Leonard sold 2,078 shares of the stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $16.14, for a total transaction of $33,538.92. Following the sale, the executive vice president now owns 162,617 shares of the company’s stock, valued at approximately $2,624,638.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Frank X. Leonard sold 2,078 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $16.14, for a total transaction of $33,538.92. Following the completion of the transaction, the executive vice president now owns 162,617 shares of the company’s stock, valued at $2,624,638.38. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $16.03, for a total transaction of $33,775.21. Following the completion of the sale, the chief operating officer now owns 252,452 shares in the company, valued at $4,046,805.56. The disclosure for this sale can be found here. Insiders have sold 7,921 shares of company stock valued at $127,161 in the last 90 days. 5.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NovoCure

A number of institutional investors have recently added to or reduced their stakes in NVCR. China Universal Asset Management Co. Ltd. raised its position in shares of NovoCure by 96.8% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,739 shares of the medical equipment provider’s stock valued at $44,000 after buying an additional 1,347 shares in the last quarter. GAMMA Investing LLC raised its position in NovoCure by 278.0% during the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock valued at $45,000 after purchasing an additional 2,118 shares in the last quarter. CWM LLC lifted its stake in NovoCure by 127.9% during the third quarter. CWM LLC now owns 3,891 shares of the medical equipment provider’s stock worth $63,000 after purchasing an additional 2,184 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of NovoCure in the 3rd quarter worth about $74,000. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of NovoCure by 1,113.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider’s stock worth $80,000 after purchasing an additional 4,700 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

NovoCure Company Profile

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) devices for the treatment of solid tumor cancers in the United States, Germany, Japan, Greater China, and internationally. The company's TTFields devices include Optune Gio and Optune Lua.