NovoCure (NASDAQ:NVCR) Stock Rating Reaffirmed by Piper Sandler

Piper Sandler restated their overweight rating on shares of NovoCure (NASDAQ:NVCR) in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has a $28.00 price objective on the medical equipment provider’s stock, up from their prior price objective of $25.00.

A number of other brokerages have also issued reports on NVCR. Wells Fargo & Company decreased their price target on NovoCure from $49.00 to $42.00 and set an overweight rating for the company in a research note on Wednesday, April 3rd. Evercore ISI increased their price target on NovoCure from $14.00 to $15.00 and gave the company an in-line rating in a research note on Friday, February 23rd. Wedbush reaffirmed a neutral rating and set a $21.00 price target on shares of NovoCure in a research note on Wednesday, March 27th. HC Wainwright increased their price target on NovoCure from $22.00 to $24.00 and gave the company a neutral rating in a research note on Wednesday, March 27th. Finally, JPMorgan Chase & Co. increased their price objective on NovoCure from $15.00 to $17.00 and gave the company a neutral rating in a research report on Tuesday, March 19th. Five 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 has a consensus rating of Moderate Buy and a consensus price target of $31.13.

NovoCure Stock Performance

Shares of NVCR stock opened at $13.57 on Wednesday. NovoCure has a 12-month low of $10.87 and a 12-month high of $83.60. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -6.96 and a beta of 0.42. The business has a 50 day simple moving average of $15.02 and a 200 day simple moving average of $14.12. The company has a debt-to-equity ratio of 1.57, a current ratio of 5.78 and a quick ratio of 5.56.

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

Insider Activity

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

Institutional Trading of NovoCure

A number of hedge funds have recently modified their holdings of NVCR. Norges Bank purchased a new stake in shares of NovoCure in the fourth quarter valued at $14,543,000. BlackRock Inc. raised its holdings in shares of NovoCure by 9.5% during the first quarter. BlackRock Inc. now owns 8,324,921 shares of the medical equipment provider’s stock worth $500,661,000 after acquiring an additional 719,265 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of NovoCure by 807.8% during the fourth quarter. Federated Hermes Inc. now owns 616,792 shares of the medical equipment provider’s stock worth $9,209,000 after acquiring an additional 548,852 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of NovoCure by 22.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,655,686 shares of the medical equipment provider’s stock worth $159,714,000 after acquiring an additional 487,255 shares in the last quarter. Finally, Invenomic Capital Management LP purchased a new stake in shares of NovoCure during the fourth quarter worth $6,479,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.