Novocure (NVCR) Rating Increased to Buy at Zacks Investment Research

Novocure (NASDAQ:NVCR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $23.00 price objective on the medical equipment provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 13.30% from the company’s previous close.

According to Zacks, “NovoCure Limited is an oncology company. The Company is engaged in developing a therapy called Tumor Treating Fields for the treatment of solid tumor cancers. It operates primarily in the United States, Germany, Switzerland and Japan. NovoCure Limited is based in Saint Helier, Channel Islands. “

A number of other brokerages have also weighed in on NVCR. Wedbush restated an “outperform” rating and set a $25.00 price target (down previously from $29.00) on shares of Novocure in a research note on Friday, October 27th. JPMorgan Chase & Co. restated a “buy” rating on shares of Novocure in a research note on Monday, November 20th. Mizuho initiated coverage on Novocure in a research note on Wednesday, September 6th. They set a “buy” rating and a $25.00 price target on the stock. Finally, ValuEngine upgraded Novocure from a “sell” rating to a “hold” rating in a research note on Sunday. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Novocure currently has an average rating of “Buy” and an average target price of $21.13.

Novocure (NVCR) traded up $0.10 on Wednesday, reaching $20.30. The company’s stock had a trading volume of 504,000 shares, compared to its average volume of 657,800. Novocure has a 52 week low of $6.00 and a 52 week high of $22.30. The company has a debt-to-equity ratio of 0.83, a current ratio of 5.90 and a quick ratio of 5.30. The stock has a market capitalization of $1,830.00 and a price-to-earnings ratio of -24.46.

Novocure (NASDAQ:NVCR) last posted its earnings results on Thursday, October 26th. The medical equipment provider reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.07. Novocure had a negative return on equity of 57.68% and a negative net margin of 47.45%. The company had revenue of $50.10 million for the quarter, compared to analyst estimates of $43.45 million. During the same quarter in the previous year, the firm earned ($0.39) earnings per share. The firm’s quarterly revenue was up 130.9% compared to the same quarter last year. research analysts predict that Novocure will post -0.65 earnings per share for the current fiscal year.

In other Novocure news, CEO Asaf Danziger sold 6,919 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $22.00, for a total value of $152,218.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Yoram Palti sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $17.13, for a total value of $513,900.00. The disclosure for this sale can be found here. Insiders have sold 226,281 shares of company stock valued at $4,657,207 in the last ninety days. Corporate insiders own 16.70% of the company’s stock.

Large investors have recently made changes to their positions in the business. Legal & General Group Plc raised its stake in shares of Novocure 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 buying an additional 1,092 shares during the period. California State Teachers Retirement System grew its holdings in Novocure by 2.6% in the 2nd quarter. California State Teachers Retirement System now owns 102,309 shares of the medical equipment provider’s stock valued at $1,770,000 after buying an additional 2,600 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Novocure by 1.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 203,031 shares of the medical equipment provider’s stock valued at $4,030,000 after buying an additional 2,724 shares in the last quarter. American International Group Inc. grew its holdings in Novocure by 8.1% in the 3rd quarter. American International Group Inc. now owns 38,722 shares of the medical equipment provider’s stock valued at $769,000 after buying an additional 2,896 shares in the last quarter. Finally, Teachers Advisors LLC grew its holdings in shares of Novocure by 3.3% during the 1st quarter. Teachers Advisors LLC now owns 98,799 shares of the medical equipment provider’s stock worth $800,000 after purchasing an additional 3,125 shares during the period. 41.53% of the stock is owned by institutional investors.

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Novocure 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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