Novocure (NASDAQ:NVCR) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of Novocure (NASDAQ:NVCR) from a buy rating to a hold rating in a research note published on Friday, Zacks.com reports.

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 analysts have also weighed in on NVCR. SunTrust Banks upgraded shares of Novocure from a hold rating to a buy rating in a research report on Monday, July 29th. Wedbush lowered shares of Novocure from an outperform rating to a neutral rating and raised their target price for the company from $57.00 to $80.00 in a research report on Friday, July 26th. Mizuho raised their target price 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 lowered shares of Novocure from a buy rating to a hold rating in a research report on Friday, September 27th. Finally, JPMorgan Chase & Co. lowered shares of Novocure from an overweight rating to a neutral rating and raised their target price for the company from $61.00 to $79.00 in a research report on Friday, July 26th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Novocure presently has an average rating of Hold and an average target price of $74.43.

Shares of NASDAQ:NVCR opened at $75.24 on Friday. The company’s 50 day simple moving average is $78.58 and its 200 day simple moving average is $66.78. The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of -109.04 and a beta of 2.37. 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 has a 1 year low of $26.02 and a 1 year high of $98.70.

Novocure (NASDAQ:NVCR) last announced its quarterly earnings data 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. The business had revenue of $86.70 million for the quarter, compared to analysts’ expectations of $78.98 million. Novocure had a negative net margin of 13.84% and a negative return on equity of 31.80%. The firm’s quarterly revenue was up 41.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.17) earnings per share. As a group, analysts anticipate that Novocure will post -0.2 EPS for the current fiscal year.

In other news, Director Gabriel Leung sold 5,000 shares of Novocure stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $72.28, for a total transaction of $361,400.00. Following the transaction, the director now owns 74,504 shares in the company, valued at $5,385,149.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Pritesh Shah sold 12,500 shares of Novocure stock in a transaction on Friday, July 26th. The stock was sold at an average price of $77.94, for a total transaction of $974,250.00. Following the transaction, the insider now owns 89,476 shares in the company, valued at approximately $6,973,759.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 422,133 shares of company stock worth $36,605,172. 5.60% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the company. Chicago Equity Partners LLC lifted its holdings in shares of Novocure by 14.5% during the second quarter. Chicago Equity Partners LLC now owns 50,925 shares of the medical equipment provider’s stock worth $3,220,000 after purchasing an additional 6,435 shares during the period. Wedbush Securities Inc. bought a new position in Novocure during the second quarter worth $241,000. Baillie Gifford & Co. raised its stake in Novocure by 9.8% during the second quarter. Baillie Gifford & Co. now owns 8,829,449 shares of the medical equipment provider’s stock worth $558,287,000 after buying an additional 789,924 shares during the last quarter. Jennison Associates LLC raised its stake in Novocure by 13.8% during the second quarter. Jennison Associates LLC now owns 16,032 shares of the medical equipment provider’s stock worth $1,014,000 after buying an additional 1,940 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Novocure by 6.0% during the second quarter. Envestnet Asset Management Inc. now owns 12,362 shares of the medical equipment provider’s stock worth $782,000 after buying an additional 697 shares during the last quarter. Institutional investors own 66.39% 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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