NovoCure (NASDAQ:NVCR) PT Lowered to $40.00 at Wells Fargo & Company

NovoCure (NASDAQ:NVCR) had its target price decreased by Wells Fargo & Company from $42.00 to $40.00 in a report issued on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the medical equipment provider’s stock.

Several other research analysts also recently issued reports on the company. HC Wainwright upped their price objective on NovoCure from $22.00 to $24.00 and gave the stock a neutral rating in a report on Friday. Piper Sandler reaffirmed an overweight rating and set a $28.00 price target (up previously from $25.00) on shares of NovoCure in a research note on Wednesday, April 10th. Wedbush reiterated an outperform rating and issued a $24.00 price target on shares of NovoCure in a report on Thursday, July 25th. Finally, Evercore ISI boosted their price objective on NovoCure from $14.50 to $20.00 and gave the stock an in-line rating in a report on Tuesday, July 2nd. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, NovoCure presently has a consensus rating of Moderate Buy and an average target price of $31.88.

NovoCure Price Performance

NovoCure stock opened at $20.80 on Friday. NovoCure has a 52 week low of $10.87 and a 52 week high of $35.10. The firm has a market cap of $2.24 billion, a P/E ratio of -11.49 and a beta of 0.70. The company has a debt-to-equity ratio of 1.81, a quick ratio of 6.22 and a current ratio of 6.46. The business’s fifty day moving average is $19.77 and its two-hundred day moving average is $16.61.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, July 25th. The medical equipment provider reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.09. NovoCure had a negative net margin of 30.67% and a negative return on equity of 45.68%. The firm had revenue of $150.40 million for the quarter, compared to analyst estimates of $135.83 million. During the same quarter in the prior year, the firm earned ($0.54) EPS. The company’s revenue was up 19.3% on a year-over-year basis. Equities research analysts forecast that NovoCure will post -1.59 earnings per share for the current fiscal year.

Institutional Trading of NovoCure

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in NovoCure by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 9,759,098 shares of the medical equipment provider’s stock valued at $145,703,000 after purchasing an additional 122,105 shares during the period. Franklin Resources Inc. bought a new stake in shares of NovoCure in the 4th quarter valued at $811,000. SG Americas Securities LLC lifted its holdings in NovoCure by 57.3% during the first quarter. SG Americas Securities LLC now owns 359,518 shares of the medical equipment provider’s stock worth $5,619,000 after acquiring an additional 130,927 shares in the last quarter. Victory Capital Management Inc. acquired a new position in NovoCure in the fourth quarter valued at about $195,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of NovoCure by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 551,775 shares of the medical equipment provider’s stock worth $8,238,000 after acquiring an additional 10,510 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

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.