NovoCure Limited (NVCR) Receives Average Recommendation of “Buy” from Analysts
Shares of NovoCure Limited (NASDAQ:NVCR) have received an average rating of “Buy” from the nine analysts that are covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $19.33.
A number of analysts have issued reports on the stock. Wells Fargo & Company upgraded shares of NovoCure Limited from a “market perform” rating to an “outperform” rating and set a $15.00 target price for the company in a research note on Wednesday, May 24th. Deutsche Bank AG lifted their target price on shares of NovoCure Limited from $10.00 to $11.00 and gave the company a “hold” rating in a research note on Friday, April 28th. Wedbush reiterated an “outperform” rating and issued a $20.00 target price on shares of NovoCure Limited in a research note on Thursday, April 27th. Zacks Investment Research cut shares of NovoCure Limited from a “buy” rating to a “hold” rating in a research note on Saturday, April 22nd. Finally, BidaskClub upgraded shares of NovoCure Limited from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st.
Shares of NovoCure Limited (NASDAQ:NVCR) opened at 19.05 on Tuesday. The stock has a 50 day moving average of $18.69 and a 200 day moving average of $12.37. The firm’s market cap is $1.70 billion. NovoCure Limited has a 52-week low of $5.95 and a 52-week high of $21.75.
NovoCure Limited (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, July 27th. The medical equipment provider reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.23) by $0.01. The company had revenue of $38.38 million for the quarter, compared to analyst estimates of $42.20 million. NovoCure Limited had a negative return on equity of 69.48% and a negative net margin of 75.91%. Equities analysts predict that NovoCure Limited will post ($0.75) EPS for the current fiscal year.
In other news, CEO Asaf Danziger sold 7,383 shares of NovoCure Limited stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $19.95, for a total value of $147,290.85. Following the transaction, the chief executive officer now owns 462,765 shares of the company’s stock, valued at $9,232,161.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Pomona Capital Vii Fund Invest sold 1,072,532 shares of NovoCure Limited stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $17.35, for a total transaction of $18,608,430.20. The disclosure for this sale can be found here. Insiders sold 2,265,522 shares of company stock valued at $38,473,772 over the last quarter. Corporate insiders own 16.70% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in NVCR. Teachers Advisors LLC raised its position in NovoCure Limited by 21.2% in the fourth quarter. Teachers Advisors LLC now owns 95,674 shares of the medical equipment provider’s stock worth $751,000 after buying an additional 16,741 shares in the last quarter. Macquarie Group Ltd. raised its position in NovoCure Limited by 18.4% in the fourth quarter. Macquarie Group Ltd. now owns 98,087 shares of the medical equipment provider’s stock worth $770,000 after buying an additional 15,218 shares in the last quarter. Creative Planning raised its position in NovoCure Limited by 32.1% in the first quarter. Creative Planning now owns 16,857 shares of the medical equipment provider’s stock worth $137,000 after buying an additional 4,100 shares in the last quarter. Bank of New York Mellon Corp raised its position in NovoCure Limited by 1.4% in the first quarter. Bank of New York Mellon Corp now owns 173,523 shares of the medical equipment provider’s stock worth $1,406,000 after buying an additional 2,480 shares in the last quarter. Finally, Wedbush Securities Inc. purchased a new position in NovoCure Limited during the first quarter worth approximately $381,000. 25.15% of the stock is currently owned by institutional investors.
About NovoCure Limited
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.
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