NovoCure (NASDAQ:NVCR) Stock Gets Price Target Trim from Wedbush

NovoCure (NASDAQ:NVCR) had its target price reduced by Wedbush from $20.00 to $19.00 in a report published on Tuesday morning,Benzinga reports. Wedbush currently has a neutral rating on the medical equipment provider’s stock.

Other analysts have also recently issued research reports about the stock. Weiss Ratings cut shares of NovoCure from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 30th. JPMorgan Chase & Co. started coverage on shares of NovoCure in a research report on Monday, July 13th. They issued a “neutral” rating and a $17.00 target price for the company. Wells Fargo & Company cut their target price on shares of NovoCure from $20.00 to $15.00 and set an “equal weight” rating for the company in a research report on Friday, October 30th. HC Wainwright set a $32.00 target price on NovoCure in a research note on Friday, July 24th. Finally, Wall Street Zen upgraded NovoCure from a “hold” rating to a “buy” rating in a research report on Saturday, October 31st. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $22.33.

NovoCure Price Performance

NVCR stock opened at $11.72 on Tuesday. The company’s 50 day moving average is $14.95 and its 200 day moving average is $14.75. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.34 and a current ratio of 2.49. NovoCure has a 1-year low of $9.82 and a 1-year high of $21.45.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Thursday, October 29th. The medical equipment provider reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.14. The business had revenue of $193.40 million during the quarter, compared to analyst estimates of $182.28 million. NovoCure had a negative net margin of 16.78% and a negative return on equity of 35.81%. NovoCure’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.33) earnings per share. Analysts expect that NovoCure will post -1.10 EPS for the current fiscal year.

Institutional Investors Weigh In On NovoCure

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quantinno Capital Management LP grew its position in NovoCure by 23.7% during the 1st quarter. Quantinno Capital Management LP now owns 2,487,376 shares of the medical equipment provider’s stock worth $27,112,000 after acquiring an additional 477,128 shares during the last quarter. Renaissance Technologies LLC increased its stake in NovoCure by 11.8% in the 1st quarter. Renaissance Technologies LLC now owns 1,551,554 shares of the medical equipment provider’s stock worth $16,912,000 after purchasing an additional 163,800 shares during the period. Dimensional Fund Advisors LP lifted its position in NovoCure by 27.6% in the first quarter. Dimensional Fund Advisors LP now owns 960,056 shares of the medical equipment provider’s stock valued at $10,462,000 after purchasing an additional 207,913 shares during the last quarter. Ieq Capital LLC lifted its position in NovoCure by 24.3% in the third quarter. Ieq Capital LLC now owns 341,782 shares of the medical equipment provider’s stock valued at $5,451,000 after purchasing an additional 66,821 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in NovoCure by 164.9% in the third quarter. First Trust Advisors LP now owns 335,392 shares of the medical equipment provider’s stock valued at $5,350,000 after purchasing an additional 208,796 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

NovoCure Company Profile

NovoCure is a global oncology company that develops and commercializes Tumor Treating Fields (TTFields), a cancer treatment that uses wearable devices to deliver low-intensity electric fields intended to disrupt cancer cell division. Its products include Optune Gio and Optune Lua, which are used to treat certain cancers. The company is headquartered in Baar, Switzerland, and serves patients in markets across North America, Europe and Asia. NovoCure was founded in 2000 by Yoram Palti, a medical researcher who developed the TTFields approach.