Wall Street Zen Upgrades NovoCure (NASDAQ:NVCR) to Buy

NovoCure (NASDAQ:NVCR) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

Several other equities analysts have also commented on the company. HC Wainwright set a $32.00 price objective on NovoCure in a research report on Friday, July 24th. Evercore restated an “outperform” rating on shares of NovoCure in a research report on Friday, May 1st. Weiss Ratings raised NovoCure from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 1st. Wedbush lifted their price target on shares of NovoCure from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Finally, Wells Fargo & Company boosted their price objective on shares of NovoCure from $13.50 to $17.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, NovoCure has a consensus rating of “Hold” and a consensus target price of $21.20.

NovoCure Price Performance

NVCR stock opened at $16.39 on Friday. The firm has a 50 day simple moving average of $16.29 and a two-hundred day simple moving average of $14.27. The stock has a market cap of $1.91 billion, a PE ratio of -12.61 and a beta of 0.96. NovoCure has a one year low of $9.82 and a one year high of $21.45. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.89 and a quick ratio of 2.70.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, July 23rd. The medical equipment provider reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.20. NovoCure had a negative net margin of 21.25% and a negative return on equity of 44.00%. The firm had revenue of $183.58 million for the quarter, compared to analysts’ expectations of $172.44 million. During the same quarter last year, the company posted ($0.36) EPS. The business’s quarterly revenue was up 15.6% on a year-over-year basis. On average, analysts predict that NovoCure will post -1.21 EPS for the current fiscal year.

Insider Transactions at NovoCure

In other news, Director Jeryl L. Hilleman sold 2,945 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $15.77, for a total value of $46,442.65. Following the completion of the sale, the director owned 13,861 shares of the company’s stock, valued at approximately $218,587.97. The trade was a 17.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director W Anthony Vernon sold 2,945 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $15.77, for a total value of $46,442.65. Following the sale, the director owned 197,657 shares of the company’s stock, valued at $3,117,050.89. This represents a 1.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 51,943 shares of company stock valued at $893,171. 6.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NVCR. Empowered Funds LLC purchased a new stake in NovoCure during the 4th quarter valued at $33,000. Kestra Advisory Services LLC purchased a new stake in shares of NovoCure during the fourth quarter worth about $49,000. Larson Financial Group LLC boosted its holdings in shares of NovoCure by 662.1% during the third quarter. Larson Financial Group LLC now owns 4,100 shares of the medical equipment provider’s stock worth $53,000 after purchasing an additional 3,562 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of NovoCure by 25.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,442 shares of the medical equipment provider’s stock worth $70,000 after purchasing an additional 1,120 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of NovoCure in the first quarter worth about $87,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

NovoCure Company Profile

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.