NovoCure (NASDAQ:NVCR) Shares Up 7.6% – Here’s Why

NovoCure Limited (NASDAQ:NVCR)’s share price shot up 7.6% during trading on Wednesday . The stock traded as high as $19.27 and last traded at $19.24. 146,940 shares changed hands during trading, a decline of 88% from the average session volume of 1,270,983 shares. The stock had previously closed at $17.88.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Evercore ISI reduced their target price on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 1st. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of NovoCure in a research note on Thursday, November 21st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, NovoCure currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.17.

NovoCure Price Performance

The firm’s fifty day simple moving average is $16.59 and its 200-day simple moving average is $18.41. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The company had revenue of $155.10 million during the quarter, compared to analyst estimates of $143.95 million. During the same period in the previous year, the business earned ($0.46) EPS. The firm’s revenue for the quarter was up 21.8% on a year-over-year basis. As a group, research analysts predict that NovoCure Limited will post -1.31 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NVCR. Lombard Odier Asset Management USA Corp raised its position in NovoCure by 5.4% in the 2nd quarter. Lombard Odier Asset Management USA Corp now owns 10,862 shares of the medical equipment provider’s stock worth $186,000 after buying an additional 557 shares during the last quarter. Arizona State Retirement System lifted its position in NovoCure by 2.1% during the second quarter. Arizona State Retirement System now owns 28,481 shares of the medical equipment provider’s stock valued at $488,000 after purchasing an additional 581 shares during the period. Signaturefd LLC boosted its holdings in NovoCure by 61.7% in the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock worth $28,000 after purchasing an additional 627 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in NovoCure by 21.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider’s stock worth $61,000 after purchasing an additional 701 shares during the period. Finally, Venturi Wealth Management LLC lifted its holdings in shares of NovoCure by 58.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider’s stock valued at $57,000 after buying an additional 1,354 shares during the period. 84.61% of the stock is owned by institutional investors.

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.