NovoCure (NASDAQ:NVCR) Stock Price Expected to Rise, Piper Sandler Analyst Says

NovoCure (NASDAQ:NVCR) had its price objective lifted by stock analysts at Piper Sandler from $28.00 to $42.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the medical equipment provider’s stock. Piper Sandler’s target price suggests a potential upside of 25.71% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Wedbush reissued a “neutral” rating and issued a $29.00 target price (up from $24.00) on shares of NovoCure in a research report on Monday, December 2nd. HC Wainwright reiterated a “buy” rating and issued a $38.00 price target (up previously from $30.00) on shares of NovoCure in a report on Monday, December 2nd. Finally, Evercore ISI upgraded NovoCure from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $18.00 to $30.00 in a report on Monday, December 2nd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $32.67.

NovoCure Trading Up 11.1 %

Shares of NovoCure stock opened at $33.41 on Friday. NovoCure has a fifty-two week low of $11.70 and a fifty-two week high of $34.00. The business’s fifty day moving average is $19.48 and its two-hundred day moving average is $18.90. 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 cap of $3.61 billion, a PE ratio of -23.86 and a beta of 0.75.

NovoCure (NASDAQ:NVCR) last released its 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 firm had revenue of $155.10 million for the quarter, compared to the consensus estimate of $143.95 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The firm’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.46) earnings per share. Analysts anticipate that NovoCure will post -1.32 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

Several institutional investors have recently bought and sold shares of the business. Lombard Odier Asset Management USA Corp raised its position in shares of NovoCure by 5.4% in the 2nd quarter. Lombard Odier Asset Management USA Corp now owns 10,862 shares of the medical equipment provider’s stock valued at $186,000 after purchasing an additional 557 shares in the last quarter. Arizona State Retirement System raised its holdings in NovoCure by 2.1% in the second quarter. Arizona State Retirement System now owns 28,481 shares of the medical equipment provider’s stock valued at $488,000 after acquiring an additional 581 shares in the last quarter. Signaturefd LLC boosted 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 valued at $28,000 after acquiring an additional 627 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in NovoCure by 21.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider’s stock worth $61,000 after acquiring an additional 701 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its position in shares of NovoCure by 58.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider’s stock worth $57,000 after purchasing an additional 1,354 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.