NovoCure (NASDAQ:NVCR) Given “Buy” Rating at HC Wainwright

HC Wainwright reiterated their buy rating on shares of NovoCure (NASDAQ:NVCR) in a report issued on Tuesday morning,Benzinga reports. HC Wainwright currently has a $38.00 price target on the medical equipment provider’s stock.

Several other brokerages also recently weighed in on NVCR. Wedbush restated a “neutral” rating and set a $29.00 target price on shares of NovoCure in a research note on Monday. Piper Sandler increased their price objective on NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $18.00 to $30.00 in a research report on Monday, December 2nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.67.

NovoCure Price Performance

NASDAQ NVCR opened at $26.23 on Tuesday. NovoCure has a 1 year low of $11.70 and a 1 year high of $34.13. The company has a fifty day simple moving average of $25.52 and a 200 day simple moving average of $20.35. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The company has a market cap of $2.84 billion, a P/E ratio of -18.74 and a beta of 0.64.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.06. The company had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The business’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.46) earnings per share. On average, sell-side analysts predict that NovoCure will post -1.32 EPS for the current year.

Institutional Trading of NovoCure

Several institutional investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of NovoCure in the second quarter valued at $34,000. Brooklyn Investment Group bought a new stake in NovoCure in the 3rd quarter valued at $45,000. Venturi Wealth Management LLC increased its holdings in NovoCure by 58.5% in 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. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of 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 valued at $61,000 after buying an additional 701 shares in the last quarter. Finally, Versant Capital Management Inc lifted its holdings in shares of NovoCure by 35.8% during the 4th quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider’s stock worth $100,000 after acquiring an additional 880 shares during the period. Institutional investors and hedge funds 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.