NovoCure (NASDAQ:NVCR) Announces Earnings Results

NovoCure (NASDAQ:NVCR) issued its earnings results on Thursday. The medical equipment provider reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.07, Briefing.com reports. The business had revenue of $138.50 million during the quarter, compared to analysts’ expectations of $131.44 million. NovoCure had a negative return on equity of 51.63% and a negative net margin of 40.65%. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.50) EPS.

NovoCure Stock Up 4.2 %

NovoCure stock traded up $0.59 during midday trading on Friday, reaching $14.78. The company’s stock had a trading volume of 1,145,701 shares, compared to its average volume of 1,331,290. The company has a debt-to-equity ratio of 1.57, a current ratio of 5.78 and a quick ratio of 5.56. The stock has a market capitalization of $1.59 billion, a P/E ratio of -7.58 and a beta of 0.50. The stock’s 50-day simple moving average is $14.21 and its 200-day simple moving average is $13.87. NovoCure has a 52-week low of $10.87 and a 52-week high of $83.60.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on NVCR shares. Wedbush reaffirmed a “neutral” rating and issued a $21.00 price objective on shares of NovoCure in a research note on Thursday. Piper Sandler reiterated an “overweight” rating and set a $28.00 price objective (up from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. Evercore ISI boosted their price objective on shares of NovoCure from $14.00 to $15.00 and gave the stock an “in-line” rating in a research note on Friday, February 23rd. HC Wainwright dropped their target price on NovoCure from $24.00 to $22.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Wells Fargo & Company reduced their price target on NovoCure from $49.00 to $42.00 and set an “overweight” rating for the company in a research report on Wednesday, April 3rd. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $30.88.

Insider Transactions at NovoCure

In related news, EVP Frank X. Leonard sold 1,679 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $16.03, for a total value of $26,914.37. Following the completion of the transaction, the executive vice president now directly owns 160,938 shares of the company’s stock, valued at approximately $2,579,836.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other NovoCure news, EVP Frank X. Leonard sold 1,679 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $16.03, for a total transaction of $26,914.37. Following the sale, the executive vice president now owns 160,938 shares in the company, valued at approximately $2,579,836.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $16.03, for a total value of $33,775.21. Following the completion of the transaction, the chief operating officer now owns 252,452 shares of the company’s stock, valued at $4,046,805.56. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,921 shares of company stock worth $127,161. Insiders own 5.67% of the company’s stock.

About NovoCure

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.