FY2024 EPS Estimates for NovoCure Decreased by HC Wainwright

NovoCure Limited (NASDAQ:NVCR) – Investment analysts at HC Wainwright reduced their FY2024 earnings estimates for NovoCure in a research report issued to clients and investors on Monday, December 2nd. HC Wainwright analyst E. Bodnar now forecasts that the medical equipment provider will earn ($1.35) per share for the year, down from their previous forecast of ($1.30). HC Wainwright has a “Buy” rating and a $38.00 price target on the stock. The consensus estimate for NovoCure’s current full-year earnings is ($1.31) per share. HC Wainwright also issued estimates for NovoCure’s Q4 2024 earnings at ($0.40) EPS, FY2025 earnings at ($1.81) EPS, FY2026 earnings at ($2.27) EPS, FY2027 earnings at ($1.82) EPS and FY2028 earnings at ($0.97) EPS.

Several other brokerages also recently commented on NVCR. Wedbush reissued a “neutral” rating and set a $29.00 price objective (up from $24.00) on shares of NovoCure in a research report on Monday. Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and raised their price target for the company from $18.00 to $30.00 in a report on Monday. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, NovoCure currently has a consensus rating of “Moderate Buy” and an average target price of $30.33.

NovoCure Stock Down 9.0 %

NASDAQ:NVCR opened at $26.60 on Thursday. The firm’s 50-day moving average price is $17.68 and its 200-day moving average price is $18.64. The company has a market capitalization of $2.88 billion, a PE ratio of -19.00 and a beta of 0.75. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. NovoCure has a 1-year low of $11.66 and a 1-year high of $32.60.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.06. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The business had revenue of $155.10 million during the quarter, compared to analyst estimates of $143.95 million. During the same period in the previous year, the business posted ($0.46) earnings per share. NovoCure’s revenue for the quarter was up 21.8% on a year-over-year basis.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Ridgewood Investments LLC bought a new stake in NovoCure during the 2nd quarter worth approximately $28,000. Signaturefd LLC raised its stake in NovoCure by 61.7% during the 2nd quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 627 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in NovoCure during the 2nd quarter worth $34,000. Fifth Third Bancorp acquired a new stake in NovoCure during the 2nd quarter worth $43,000. Finally, Brooklyn Investment Group acquired a new stake in shares of NovoCure in the 3rd quarter valued at about $45,000. 84.61% of the stock is owned by institutional investors and hedge funds.

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.