NovoCure (NASDAQ:NVCR) Shares Gap Up Following Analyst Upgrade

NovoCure Limited (NASDAQ:NVCR)’s stock price gapped up before the market opened on Friday after Piper Sandler raised their price target on the stock from $28.00 to $42.00. The stock had previously closed at $30.06, but opened at $31.22. Piper Sandler currently has an overweight rating on the stock. NovoCure shares last traded at $31.99, with a volume of 128,065 shares traded.

A number of other research firms also recently commented on NVCR. HC Wainwright reissued a “buy” rating and set a $38.00 price target (up from $30.00) on shares of NovoCure in a research note on Monday, December 2nd. Wedbush reaffirmed a “neutral” rating and set a $29.00 price objective (up from $24.00) on shares of NovoCure in a report on Monday, December 2nd. Finally, Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and raised their target price for the company from $18.00 to $30.00 in a report on Monday, December 2nd. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, NovoCure currently has a consensus rating of “Moderate Buy” and an average target price of $32.67.

Hedge Funds Weigh In On NovoCure

Several institutional investors have recently made changes to their positions in the company. FMR LLC increased its position in NovoCure by 0.6% during the 3rd quarter. FMR LLC now owns 16,232,008 shares of the medical equipment provider’s stock valued at $253,706,000 after purchasing an additional 90,422 shares during the period. Nordwand Advisors LLC raised its stake in NovoCure by 100.0% in the third quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock worth $47,356,000 after buying an additional 1,514,824 shares in the last quarter. Geode Capital Management LLC lifted its holdings in NovoCure by 1.3% during the third quarter. Geode Capital Management LLC now owns 2,405,257 shares of the medical equipment provider’s stock worth $37,601,000 after buying an additional 29,871 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in NovoCure by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 907,999 shares of the medical equipment provider’s stock worth $14,192,000 after buying an additional 84,606 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in NovoCure by 2.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 824,443 shares of the medical equipment provider’s stock valued at $12,886,000 after acquiring an additional 16,339 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

NovoCure Stock Up 11.1 %

The business has a 50 day moving average of $19.48 and a two-hundred day moving average of $18.90. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49. The stock has a market capitalization of $3.61 billion, a PE ratio of -23.86 and a beta of 0.75.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates 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 period last year, the business earned ($0.46) EPS. Analysts predict that NovoCure Limited will post -1.32 EPS for the current year.

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.