HC Wainwright Reaffirms Buy Rating for NovoCure (NASDAQ:NVCR)

NovoCure (NASDAQ:NVCR)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a research report issued on Thursday,Benzinga reports. They presently have a $30.00 price target on the medical equipment provider’s stock. HC Wainwright’s price objective would suggest a potential upside of 69.20% from the company’s current price.

A number of other brokerages have also recently commented on NVCR. Wedbush restated an “outperform” rating and issued a $24.00 price target on shares of NovoCure in a research report on Thursday, July 25th. Evercore ISI cut their price objective on NovoCure from $21.00 to $18.00 and set an “in-line” rating for the company in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company decreased their target price on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, July 26th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $26.17.

NovoCure Price Performance

NASDAQ NVCR opened at $17.73 on Thursday. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $1.92 billion, a P/E ratio of -12.66 and a beta of 0.71. The company has a 50-day moving average price of $16.50 and a 200-day moving average price of $18.33. NovoCure has a 52 week low of $11.29 and a 52 week high of $24.74.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.06. The business had revenue of $155.10 million for the quarter, compared to analysts’ expectations of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The company’s revenue was up 21.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.46) EPS. Equities research analysts anticipate that NovoCure will post -1.31 earnings per share for the current year.

Institutional Trading of NovoCure

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ridgewood Investments LLC purchased a new stake in NovoCure during the 2nd quarter valued at approximately $28,000. Signaturefd LLC grew its stake in NovoCure by 61.7% during the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 627 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in NovoCure in the 2nd quarter valued at $34,000. Fifth Third Bancorp purchased a new stake in NovoCure in the 2nd quarter worth $43,000. Finally, Brooklyn Investment Group bought a new position in shares of NovoCure during the 3rd quarter valued at about $45,000. Institutional investors own 84.61% of the company’s stock.

About NovoCure

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.