Zacks: Analysts Anticipate NovoCure Limited (NVCR) Will Post Quarterly Sales of $43.26 Million
Brokerages expect NovoCure Limited (NASDAQ:NVCR) to post sales of $43.26 million for the current quarter, according to Zacks. Three analysts have issued estimates for NovoCure Limited’s earnings. The lowest sales estimate is $42.10 million and the highest is $45.49 million. NovoCure Limited posted sales of $21.67 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 99.6%. The company is scheduled to issue its next earnings report before the market opens on Thursday, October 26th.
According to Zacks, 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 fiscal year, analysts expect that the firm will post sales of $242.10 million per share, with estimates ranging from $235.10 million to $250.20 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover NovoCure Limited.
NovoCure Limited (NASDAQ:NVCR) last released its quarterly earnings results on Thursday, July 27th. The medical equipment provider reported ($0.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.01). NovoCure Limited had a negative net margin of 75.91% and a negative return on equity of 69.48%. The company had revenue of $38.38 million for the quarter, compared to analysts’ expectations of $42.20 million.
A number of equities analysts have weighed in on the company. Deutsche Bank AG reissued a “hold” rating and set a $19.00 price objective (up previously from $18.00) on shares of NovoCure Limited in a research note on Monday, July 17th. BidaskClub raised NovoCure Limited from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. Zacks Investment Research lowered NovoCure Limited from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, Mizuho assumed coverage on NovoCure Limited in a research note on Wednesday, September 6th. They set a “buy” rating and a $25.00 price objective on the stock. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $20.14.
Shares of NovoCure Limited (NASDAQ:NVCR) opened at 20.00 on Thursday. NovoCure Limited has a 12-month low of $5.95 and a 12-month high of $22.30. The stock’s market cap is $1.78 billion. The company’s 50-day moving average price is $20.27 and its 200 day moving average price is $15.72.
In other NovoCure Limited news, CEO Asaf Danziger sold 35,500 shares of NovoCure Limited stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $22.01, for a total value of $781,355.00. Following the sale, the chief executive officer now owns 776,862 shares in the company, valued at $17,098,732.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 355,414 shares of company stock worth $6,726,515 in the last 90 days. Company insiders own 16.70% of the company’s stock.
Large investors have recently bought and sold shares of the business. Bank of America Corp DE raised its position 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 purchasing an additional 14,321 shares during the period. 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 valued at $751,000 after purchasing an additional 16,741 shares during the period. River & Mercantile Asset Management LLP raised its position in NovoCure Limited by 9.9% in the second quarter. River & Mercantile Asset Management LLP now owns 127,520 shares of the medical equipment provider’s stock valued at $2,203,000 after purchasing an additional 11,500 shares during the period. Russell Investments Group Ltd. purchased a new stake in NovoCure Limited in the second quarter valued at $362,000. Finally, American International Group Inc. raised its position 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 purchasing an additional 2,065 shares during the period. Institutional investors own 36.84% of the company’s stock.
NovoCure Limited Company Profile
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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