NovoCure Limited’s (NVCR) “Outperform” Rating Reaffirmed at Wedbush
NovoCure Limited (NASDAQ:NVCR)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a research report issued to clients and investors on Friday. They currently have a $25.00 target price on the medical equipment provider’s stock, down from their previous target price of $29.00. Wedbush’s price target would suggest a potential upside of 28.53% from the stock’s current price.
A number of other equities research analysts also recently weighed in on the stock. BidaskClub raised shares of NovoCure Limited from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. Mizuho initiated coverage on shares of NovoCure Limited in a research note on Wednesday, September 6th. They set a “buy” rating and a $25.00 price target for the company. Deutsche Bank AG reissued a “hold” rating and set a $19.00 price target (up from $18.00) on shares of NovoCure Limited in a research note on Monday, July 17th. Finally, Zacks Investment Research downgraded shares of NovoCure Limited from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $20.86.
Shares of NovoCure Limited (NVCR) traded up 5.71% during mid-day trading on Friday, reaching $19.45. 1,624,718 shares of the company were exchanged. The firm has a 50-day moving average price of $19.53 and a 200 day moving average price of $16.81. NovoCure Limited has a 12 month low of $5.95 and a 12 month high of $22.30. The stock’s market capitalization is $1.73 billion.
NovoCure Limited (NASDAQ:NVCR) last posted its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported ($0.13) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.07. The business had revenue of $50.10 million during the quarter, compared to the consensus estimate of $43.45 million. NovoCure Limited had a negative net margin of 47.45% and a negative return on equity of 56.24%. NovoCure Limited’s revenue for the quarter was up 130.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.39) earnings per share. Equities research analysts anticipate that NovoCure Limited will post ($0.75) EPS for the current fiscal year.
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In other NovoCure Limited news, CEO Asaf Danziger sold 37,272 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $22.01, for a total value of $820,356.72. Following the completion of the sale, the chief executive officer now owns 776,862 shares of the company’s stock, valued at $17,098,732.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 73,672 shares of company stock valued at $1,621,557 in the last ninety days. Insiders own 16.70% of the company’s stock.
A number of large investors have recently modified their holdings of NVCR. Bank of Montreal Can increased its stake in NovoCure Limited by 1,919.7% in the second quarter. Bank of Montreal Can now owns 7,069 shares of the medical equipment provider’s stock valued at $122,000 after purchasing an additional 6,719 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in NovoCure Limited by 792.5% in the second quarter. BNP Paribas Arbitrage SA now owns 7,229 shares of the medical equipment provider’s stock valued at $125,000 after purchasing an additional 6,419 shares in the last quarter. Nisa Investment Advisors LLC bought a new stake in NovoCure Limited in the second quarter valued at approximately $126,000. Fox Run Management L.L.C. bought a new stake in NovoCure Limited in the second quarter valued at approximately $225,000. Finally, Legal & General Group Plc increased its stake in NovoCure Limited by 8.5% in the second quarter. Legal & General Group Plc now owns 13,866 shares of the medical equipment provider’s stock valued at $238,000 after purchasing an additional 1,092 shares in the last quarter. 36.23% of the stock is owned by hedge funds and other 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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