NovoCure (NASDAQ:NVCR) PT Lowered to $22.00 at HC Wainwright

NovoCure (NASDAQ:NVCR) had its target price lowered by HC Wainwright from $24.00 to $22.00 in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the medical equipment provider’s stock.

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

NovoCure Stock Performance

Shares of NASDAQ:NVCR traded up $0.59 during mid-day trading on Thursday, reaching $14.78. The company had a trading volume of 1,145,704 shares, compared to its average volume of 1,092,427. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of -8.17 and a beta of 0.50. The company’s 50-day moving average price is $14.20 and its 200-day moving average price is $13.85. The company has a current ratio of 5.78, a quick ratio of 5.56 and a debt-to-equity ratio of 1.57. NovoCure has a one year low of $10.87 and a one year high of $83.60.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.07. The business 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%. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.50) EPS. As a group, equities research analysts anticipate that NovoCure will post -1.78 EPS for the current fiscal year.

Insider Buying and Selling at NovoCure

In other news, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the company’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 directly owns 252,452 shares in the company, valued at approximately $4,046,805.56. The transaction was disclosed in a document filed 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 firm’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 transaction, the executive vice president now directly 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 Securities & Exchange Commission, which can be accessed through this link. Also, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of NovoCure stock in a transaction that occurred on 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 directly 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 worth $127,161 over the last 90 days. Corporate insiders own 5.67% of the company’s stock.

Institutional Trading of NovoCure

Institutional investors have recently made changes to their positions in the stock. CWM LLC boosted its position in NovoCure by 127.9% during the 3rd quarter. CWM LLC now owns 3,891 shares of the medical equipment provider’s stock valued at $63,000 after buying an additional 2,184 shares during the period. Handelsbanken Fonder AB grew its stake in shares of NovoCure by 100.0% in the third quarter. Handelsbanken Fonder AB now owns 34,646 shares of the medical equipment provider’s stock worth $560,000 after purchasing an additional 17,323 shares during the last quarter. Taylor Frigon Capital Management LLC increased its holdings in NovoCure by 37.2% during the 3rd quarter. Taylor Frigon Capital Management LLC now owns 91,435 shares of the medical equipment provider’s stock valued at $1,477,000 after purchasing an additional 24,790 shares during the period. Assetmark Inc. raised its position in NovoCure by 37.1% during the 3rd quarter. Assetmark Inc. now owns 7,166 shares of the medical equipment provider’s stock valued at $116,000 after purchasing an additional 1,938 shares during the last quarter. Finally, Choate Investment Advisors purchased a new stake in NovoCure in the 3rd quarter worth approximately $360,000. Hedge funds and other institutional investors own 84.61% 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.