Brokerages Set NovoCure Limited (NASDAQ:NVCR) Target Price at $31.13

Shares of NovoCure Limited (NASDAQ:NVCR) have been assigned an average recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the stock, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $30.88.

NVCR has been the subject of several recent research reports. 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 research note on Wednesday, April 3rd. Wedbush reissued a “neutral” rating and issued a $21.00 price target on shares of NovoCure in a research note on Thursday. Evercore ISI upped their price objective on shares of NovoCure from $14.00 to $15.00 and gave the company an “in-line” rating in a research note on Friday, February 23rd. Piper Sandler reissued an “overweight” rating and issued a $28.00 target price (up from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. Finally, HC Wainwright dropped their price target on NovoCure from $24.00 to $22.00 and set a “neutral” rating for the company in a research report on Thursday.

Insider Activity

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

Hedge Funds Weigh In On NovoCure

A number of hedge funds have recently made changes to their positions in NVCR. UMB Bank n.a. purchased a new position in shares of NovoCure during the third quarter worth $26,000. China Universal Asset Management Co. Ltd. boosted its holdings in 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 acquiring an additional 1,347 shares during the period. GAMMA Investing LLC boosted its holdings in NovoCure by 278.0% during the 1st quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock valued at $45,000 after acquiring an additional 2,118 shares during the period. CWM LLC grew its position in NovoCure by 127.9% in the 3rd quarter. CWM LLC now owns 3,891 shares of the medical equipment provider’s stock valued at $63,000 after acquiring an additional 2,184 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of NovoCure during the third quarter worth about $74,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

NovoCure Stock Up 4.2 %

NVCR stock opened at $14.78 on Tuesday. NovoCure has a 52 week low of $10.87 and a 52 week high of $83.60. The company has a quick ratio of 5.56, a current ratio of 5.78 and a debt-to-equity ratio of 1.57. The firm has a 50-day simple moving average of $14.20 and a 200-day simple moving average of $13.85. The stock has a market capitalization of $1.59 billion, a P/E ratio of -8.17 and a beta of 0.50.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.43) by $0.07. The company had revenue of $138.50 million for the quarter, compared to analysts’ expectations of $131.44 million. NovoCure had a negative return on equity of 49.34% and a negative net margin of 36.67%. NovoCure’s revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.50) EPS. Equities analysts forecast that NovoCure will post -1.78 earnings per share for the current fiscal year.

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.