$43.26 Million in Sales Expected for NovoCure Limited (NVCR) This Quarter
Wall Street brokerages predict that NovoCure Limited (NASDAQ:NVCR) will report $43.26 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for NovoCure Limited’s earnings, with the highest sales estimate coming in at $45.49 million and the lowest estimate coming in at $42.10 million. NovoCure Limited reported sales of $21.67 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 99.6%. The firm is scheduled to issue its next quarterly earnings report on Wednesday, November 1st.
On average, analysts expect that NovoCure Limited will report full year sales of $43.26 million for the current financial year, with estimates ranging from $161.70 million to $171.80 million. For the next year, analysts anticipate that the business will post sales of $242.10 million per share, with estimates ranging from $235.10 million to $250.20 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for NovoCure Limited.
NovoCure Limited (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, July 27th. The medical equipment provider reported ($0.24) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.01). NovoCure Limited had a negative return on equity of 69.48% and a negative net margin of 75.91%. The business had revenue of $38.38 million for the quarter, compared to analyst estimates of $42.20 million.
NVCR has been the subject of several recent research reports. Zacks Investment Research raised shares of NovoCure Limited from a “sell” rating to a “buy” rating and set a $19.00 target price for the company in a research report on Thursday, June 29th. ValuEngine raised shares of NovoCure Limited from a “sell” rating to a “hold” rating in a research report on Saturday, June 3rd. Mizuho initiated coverage on shares of NovoCure Limited in a research report on Wednesday, September 6th. They set a “buy” rating and a $25.00 target price for the company. BidaskClub downgraded shares of NovoCure Limited from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $19.00 target price (up from $18.00) on shares of NovoCure Limited in a research report on Monday, July 17th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $20.00.
In related news, CEO Asaf Danziger sold 37,272 shares of the business’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $22.01, for a total transaction of $820,356.72. Following the transaction, the chief executive officer now directly owns 776,862 shares in the company, valued at $17,098,732.62. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Eilon D. Kirson sold 66,361 shares of the business’s stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $16.78, for a total transaction of $1,113,537.58. Following the transaction, the insider now owns 222,722 shares in the company, valued at $3,737,275.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,948,353 shares of company stock worth $34,307,144. 16.70% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its stake in NovoCure Limited by 61.7% in the first quarter. Bank of America Corp DE now owns 37,531 shares of the medical equipment provider’s stock valued at $305,000 after acquiring an additional 14,321 shares during the last quarter. River & Mercantile Asset Management LLP purchased a new position in NovoCure Limited in the first quarter valued at about $937,000. Teachers Advisors LLC boosted its stake 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 valued at $751,000 after acquiring an additional 16,741 shares during the last quarter. American International Group Inc. boosted its stake in NovoCure Limited by 7.1% in the first quarter. American International Group Inc. now owns 31,191 shares of the medical equipment provider’s stock valued at $253,000 after acquiring an additional 2,065 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake 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 valued at $1,406,000 after acquiring an additional 2,480 shares during the last quarter. Hedge funds and other institutional investors own 36.84% of the company’s stock.
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NovoCure Limited (NASDAQ NVCR) traded down 4.40% during trading on Friday, hitting $20.65. 1,138,966 shares of the stock were exchanged. The firm’s 50-day moving average is $19.67 and its 200 day moving average is $14.42. NovoCure Limited has a 52 week low of $5.95 and a 52 week high of $22.30. The firm’s market cap is $1.84 billion.
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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