NovoCure (NASDAQ:NVCR) Trading Up 9.4%

Shares of NovoCure Limited (NASDAQ:NVCR) were up 9.4% on Thursday . The company traded as high as $19.14 and last traded at $19.14. Approximately 354,086 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 1,385,864 shares. The stock had previously closed at $17.50.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wells Fargo & Company reduced their price target on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, July 26th. Wedbush reaffirmed an “outperform” rating and set a $24.00 price target on shares of NovoCure in a research note on Thursday, July 25th. Evercore ISI upped their target price on NovoCure from $14.50 to $20.00 and gave the stock an “in-line” rating in a report on Tuesday, July 2nd. Finally, HC Wainwright lifted their price target on NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $25.50.

NovoCure Price Performance

The stock has a 50-day moving average price of $18.95 and a two-hundred day moving average price of $17.15. The company has a current ratio of 6.46, a quick ratio of 6.22 and a debt-to-equity ratio of 1.81. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of -9.89 and a beta of 0.70.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.09. The business had revenue of $150.40 million during the quarter, compared to the consensus estimate of $135.83 million. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The company’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.54) earnings per share. As a group, equities research analysts forecast that NovoCure Limited will post -1.34 EPS for the current year.

Institutional Investors Weigh In On NovoCure

Several institutional investors and hedge funds have recently made changes to their positions in NVCR. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in NovoCure by 27.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,335 shares of the medical equipment provider’s stock worth $348,000 after acquiring an additional 4,982 shares during the period. Federated Hermes Inc. increased its holdings in NovoCure by 807.8% in the 4th quarter. Federated Hermes Inc. now owns 616,792 shares of the medical equipment provider’s stock worth $9,209,000 after buying an additional 548,852 shares during the period. Semanteon Capital Management LP purchased a new position in NovoCure during the 4th quarter worth approximately $731,000. C WorldWide Group Holding A S boosted its holdings in shares of NovoCure by 135.3% in the 4th quarter. C WorldWide Group Holding A S now owns 521,784 shares of the medical equipment provider’s stock valued at $7,790,000 after acquiring an additional 300,000 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in shares of NovoCure in the fourth quarter worth $195,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.