Zacks Investment Research downgraded shares of Novocure (NASDAQ:NVCR) from a buy rating to a hold rating in a research report released on Tuesday morning.
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. “
Several other research firms have also recently weighed in on NVCR. Deutsche Bank set a $44.00 price objective on Novocure and gave the company a hold rating in a research report on Thursday, September 20th. Wells Fargo & Co boosted their price target on Novocure from $53.00 to $58.00 and gave the stock a positive rating in a research report on Wednesday, September 19th. JPMorgan Chase & Co. reissued a buy rating on shares of Novocure in a research report on Sunday, September 16th. Wedbush reissued an outperform rating and issued a $40.00 price target (down from $50.00) on shares of Novocure in a research report on Friday, September 7th. Finally, Mizuho reissued a buy rating and issued a $58.00 price target on shares of Novocure in a research report on Friday, October 19th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $52.14.
Novocure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, October 25th. The medical equipment provider reported ($0.13) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.02. The business had revenue of $64.76 million for the quarter, compared to analysts’ expectations of $65.61 million. Novocure had a negative return on equity of 52.72% and a negative net margin of 25.37%. As a group, analysts forecast that Novocure will post -0.69 earnings per share for the current year.
In related news, CTO Yoram Palti sold 12,216 shares of the company’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $40.00, for a total value of $488,640.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Wilhelmus Cm Groenhuysen sold 31,179 shares of the company’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $37.67, for a total value of $1,174,512.93. Following the completion of the transaction, the chief financial officer now directly owns 72,671 shares in the company, valued at $2,737,516.57. The disclosure for this sale can be found here. Over the last three months, insiders sold 134,550 shares of company stock worth $5,300,083. Insiders own 15.30% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its position in Novocure by 6.5% in the 1st quarter. Royal Bank of Canada now owns 115,102 shares of the medical equipment provider’s stock valued at $2,509,000 after acquiring an additional 7,067 shares in the last quarter. Principal Financial Group Inc. lifted its position in Novocure by 10.1% in the 1st quarter. Principal Financial Group Inc. now owns 44,849 shares of the medical equipment provider’s stock valued at $978,000 after acquiring an additional 4,106 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in Novocure in the 2nd quarter valued at approximately $643,000. Bank of Montreal Can lifted its position in Novocure by 32.7% in the 2nd quarter. Bank of Montreal Can now owns 9,379 shares of the medical equipment provider’s stock valued at $293,000 after acquiring an additional 2,310 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in Novocure by 1,058.5% during the 2nd quarter. SG Americas Securities LLC now owns 68,455 shares of the medical equipment provider’s stock valued at $2,143,000 after buying an additional 62,546 shares during the last quarter. 55.67% of the stock is currently owned by institutional investors and hedge funds.
Novocure Company Profile
Novocure Ltd. operates as an oncology company. It enages in developing its propriety technoclogy, Tumor Treating Fields, which uses electric fields tuned to specific frequencies to disrupt cancer cell division, inhibiting tumor growth, and causing affected cancer cells to die. The company was founded by Yoram Palti in 2000 and is headquartered in St.
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