NovoCure (NASDAQ:NVCR) Given New $24.00 Price Target at HC Wainwright

NovoCure (NASDAQ:NVCR) had its target price upped by HC Wainwright from $22.00 to $24.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the medical equipment provider’s stock.

NVCR has been the topic of several other research reports. Evercore ISI upped their price target on shares of NovoCure from $14.00 to $15.00 and gave the stock an in-line rating in a report on Friday, February 23rd. JPMorgan Chase & Co. raised their price target on NovoCure from $15.00 to $17.00 and gave the company a neutral rating in a report on Tuesday, March 19th. Finally, Wedbush reissued a neutral rating and set a $21.00 price objective on shares of NovoCure in a report on Monday, January 8th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $34.13.

NovoCure Stock Up 12.0 %

NovoCure stock opened at $14.64 on Wednesday. The firm’s 50-day simple moving average is $14.91 and its 200 day simple moving average is $14.46. The company has a debt-to-equity ratio of 1.57, a quick ratio of 5.56 and a current ratio of 5.78. NovoCure has a fifty-two week low of $10.87 and a fifty-two week high of $83.60. The stock has a market cap of $1.57 billion, a PE ratio of -7.51 and a beta of 0.41.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings results on Thursday, February 22nd. The medical equipment provider reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.08. NovoCure had a negative net margin of 40.65% and a negative return on equity of 51.63%. The company had revenue of $133.80 million for the quarter, compared to analysts’ expectations of $133.80 million. During the same period in the prior year, the company posted ($0.36) EPS. NovoCure’s revenue was up 4.2% compared to the same quarter last year. Research analysts predict that NovoCure will post -1.73 EPS for the current fiscal year.

Insider Buying and Selling at NovoCure

In other news, EVP Frank X. Leonard sold 1,679 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $16.03, for a total transaction of $26,914.37. Following the transaction, the executive vice president now directly owns 160,938 shares of the company’s stock, valued at $2,579,836.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $16.03, for a total value of $33,775.21. Following the sale, the chief operating officer now directly owns 252,452 shares of the company’s stock, valued at approximately $4,046,805.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Frank X. Leonard sold 1,679 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $16.03, for a total transaction of $26,914.37. Following the completion of the sale, the executive vice president now owns 160,938 shares in the company, valued at approximately $2,579,836.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,921 shares of company stock worth $127,161. 5.67% of the stock is currently owned by company insiders.

Institutional Trading of NovoCure

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in NovoCure by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 9,759,098 shares of the medical equipment provider’s stock worth $145,703,000 after purchasing an additional 122,105 shares in the last quarter. BlackRock Inc. lifted its stake in shares of NovoCure by 9.5% in the first quarter. BlackRock Inc. now owns 8,324,921 shares of the medical equipment provider’s stock worth $500,661,000 after buying an additional 719,265 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of NovoCure by 22.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,655,686 shares of the medical equipment provider’s stock valued at $159,714,000 after buying an additional 487,255 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of NovoCure by 4.2% during the second quarter. Geode Capital Management LLC now owns 1,460,529 shares of the medical equipment provider’s stock valued at $60,517,000 after buying an additional 58,684 shares during the last quarter. Finally, Morgan Stanley raised its holdings in NovoCure by 34.4% in the 3rd quarter. Morgan Stanley now owns 1,089,620 shares of the medical equipment provider’s stock worth $17,597,000 after acquiring an additional 279,070 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

NovoCure Company Profile

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) devices for the treatment of solid tumor cancers in the United States, Germany, Japan, Greater China, and internationally. The company's TTFields devices include Optune Gio and Optune Lua.