$43.26 Million in Sales Expected for NovoCure Limited (NVCR) This Quarter
Brokerages expect that NovoCure Limited (NASDAQ:NVCR) will report $43.26 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for NovoCure Limited’s earnings, with estimates ranging from $42.10 million to $45.49 million. NovoCure Limited reported sales of $21.67 million in the same quarter last year, which indicates a positive year-over-year growth rate of 99.6%. The firm is expected to report its next quarterly earnings report before the market opens on Thursday, October 26th.
On average, analysts expect that NovoCure Limited will report full-year sales of $43.26 million for the current fiscal 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 research firms that follow NovoCure Limited.
NovoCure Limited (NASDAQ:NVCR) last announced its earnings results 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). The firm had revenue of $38.38 million during the quarter, compared to the consensus estimate of $42.20 million. NovoCure Limited had a negative return on equity of 69.48% and a negative net margin of 75.91%.
A number of research firms have issued reports on NVCR. Zacks Investment Research lowered NovoCure Limited from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. BidaskClub raised NovoCure Limited from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. Mizuho assumed coverage on NovoCure Limited in a research report on Wednesday, September 6th. They issued a “buy” rating and a $25.00 price target on the stock. Finally, Deutsche Bank AG reissued a “hold” rating and set a $19.00 target price (up previously from $18.00) on shares of NovoCure Limited in a research report on Monday, July 17th. Three equities research 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 company. NovoCure Limited currently has a consensus rating of “Buy” and an average target price of $20.14.
In other news, CEO Asaf Danziger sold 37,272 shares of the firm’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $22.01, for a total transaction of $820,356.72. Following the sale, the chief executive officer now owns 776,862 shares of the company’s stock, valued at approximately $17,098,732.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 73,672 shares of company stock worth $1,621,557 in the last three months. Corporate insiders own 16.70% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can raised its position in shares of NovoCure Limited by 1,919.7% during the 2nd quarter. Bank of Montreal Can now owns 7,069 shares of the medical equipment provider’s stock worth $122,000 after acquiring an additional 6,719 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of NovoCure Limited by 792.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,229 shares of the medical equipment provider’s stock worth $125,000 after acquiring an additional 6,419 shares in the last quarter. Nisa Investment Advisors LLC acquired a new stake in shares of NovoCure Limited during the 2nd quarter worth about $126,000. Fox Run Management L.L.C. acquired a new stake in shares of NovoCure Limited during the 2nd quarter worth about $225,000. Finally, Legal & General Group Plc raised its position in shares of NovoCure Limited by 8.5% during the 2nd quarter. Legal & General Group Plc now owns 13,866 shares of the medical equipment provider’s stock worth $238,000 after acquiring an additional 1,092 shares in the last quarter. 36.23% of the stock is currently owned by institutional investors and hedge funds.
NovoCure Limited (NASDAQ:NVCR) opened at 18.10 on Tuesday. The company’s market capitalization is $1.61 billion. The firm has a 50-day moving average of $19.66 and a 200-day moving average of $16.69. NovoCure Limited has a one year low of $5.95 and a one year high of $22.30.
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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