Novocure (NASDAQ:NVCR) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Novocure (NASDAQ:NVCR) from a hold rating to a buy rating in a research note issued to investors on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $88.00 target price on the medical equipment provider’s stock.

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. “

NVCR has been the subject of a number of other reports. Mizuho lifted their price target on shares of Novocure from $63.00 to $91.00 and gave the company a buy rating in a research report on Friday, July 26th. BidaskClub cut shares of Novocure from a buy rating to a hold rating in a research report on Friday, September 27th. Wedbush cut shares of Novocure from an outperform rating to a neutral rating and lifted their price target for the company from $57.00 to $80.00 in a research report on Friday, July 26th. JPMorgan Chase & Co. cut shares of Novocure from an overweight rating to a neutral rating and lifted their price target for the company from $61.00 to $79.00 in a research report on Friday, July 26th. Finally, ValuEngine cut shares of Novocure from a buy rating to a hold rating in a research report on Wednesday, October 2nd. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $74.43.

NASDAQ NVCR traded down $3.01 during trading hours on Thursday, reaching $74.93. 443,410 shares of the company’s stock traded hands, compared to its average volume of 727,404. Novocure has a 52-week low of $26.02 and a 52-week high of $98.70. The firm has a market cap of $7.63 billion, a PE ratio of -108.59 and a beta of 2.37. The firm has a 50-day simple moving average of $79.85 and a 200 day simple moving average of $66.24. The company has a debt-to-equity ratio of 1.01, a current ratio of 5.03 and a quick ratio of 4.68.

Novocure (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, July 25th. The medical equipment provider reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.06. Novocure had a negative net margin of 13.84% and a negative return on equity of 31.80%. The company had revenue of $86.70 million during the quarter, compared to analysts’ expectations of $78.98 million. During the same period last year, the company posted ($0.17) EPS. Novocure’s revenue was up 41.0% on a year-over-year basis. Sell-side analysts forecast that Novocure will post -0.22 EPS for the current fiscal year.

In other Novocure news, insider Pritesh Shah sold 7,020 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $83.00, for a total transaction of $582,660.00. Following the completion of the sale, the insider now directly owns 82,091 shares in the company, valued at approximately $6,813,553. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Todd Christopher Longsworth sold 158,440 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $87.87, for a total transaction of $13,922,122.80. Following the sale, the general counsel now owns 113,420 shares of the company’s stock, valued at $9,966,215.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 422,133 shares of company stock valued at $36,605,172. 5.60% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Novocure by 5.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,813 shares of the medical equipment provider’s stock worth $360,000 after acquiring an additional 240 shares during the period. Redhawk Wealth Advisors Inc. grew its stake in shares of Novocure by 3.7% in the third quarter. Redhawk Wealth Advisors Inc. now owns 8,706 shares of the medical equipment provider’s stock worth $651,000 after acquiring an additional 309 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Novocure by 27.9% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,702 shares of the medical equipment provider’s stock worth $106,000 after acquiring an additional 371 shares during the period. Legacy Bridge LLC grew its stake in shares of Novocure by 666.7% in the third quarter. Legacy Bridge LLC now owns 460 shares of the medical equipment provider’s stock worth $34,000 after acquiring an additional 400 shares during the period. Finally, Point72 Hong Kong Ltd grew its stake in shares of Novocure by 1,337.1% in the second quarter. Point72 Hong Kong Ltd now owns 503 shares of the medical equipment provider’s stock worth $32,000 after acquiring an additional 468 shares during the period. Institutional investors and hedge funds own 66.37% of the company’s stock.

About Novocure

Novocure Ltd. is global oncology company, which engages in the development and commercialization of its innovative therapy. It focuses on the commercial adoption of Optune, and its Tumor Treating Fields delivery system, for the treatment of glioblastoma (GBM), and to advance programs testing the efficacy and safety of Optune in multiple solid tumor indications through clinical pipeline.

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