Wedbush Forecasts NovoCure’s FY2024 Earnings (NASDAQ:NVCR)

NovoCure Limited (NASDAQ:NVCR) – Stock analysts at Wedbush boosted their FY2024 earnings per share estimates for NovoCure in a research report issued to clients and investors on Monday, January 13th. Wedbush analyst D. Nierengarten now anticipates that the medical equipment provider will earn ($1.22) per share for the year, up from their previous estimate of ($1.26). Wedbush has a “Neutral” rating and a $29.00 price target on the stock. The consensus estimate for NovoCure’s current full-year earnings is ($1.32) per share. Wedbush also issued estimates for NovoCure’s Q4 2024 earnings at ($0.27) EPS, Q1 2025 earnings at ($0.32) EPS, Q2 2025 earnings at ($0.35) EPS, Q3 2025 earnings at ($0.38) EPS, Q4 2025 earnings at ($0.39) EPS, FY2025 earnings at ($1.45) EPS, FY2026 earnings at ($1.38) EPS and FY2027 earnings at ($1.08) EPS.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $155.10 million during the quarter, compared to analyst estimates of $143.95 million. During the same quarter in the prior year, the business posted ($0.46) EPS. The business’s revenue was up 21.8% compared to the same quarter last year.

Other equities analysts also recently issued research reports about the company. HC Wainwright restated a “buy” rating and issued a $38.00 target price on shares of NovoCure in a research note on Tuesday. Piper Sandler boosted their price objective on NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, Evercore ISI raised 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 research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.67.

NovoCure Trading Up 0.6 %

Shares of NVCR stock opened at $26.17 on Thursday. 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 company has a market capitalization of $2.83 billion, a price-to-earnings ratio of -18.69 and a beta of 0.64. NovoCure has a 52-week low of $11.70 and a 52-week high of $34.13. The company has a 50-day simple moving average of $26.02 and a two-hundred day simple moving average of $20.49.

Hedge Funds Weigh In On NovoCure

Several institutional investors and hedge funds have recently bought and sold shares of NVCR. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of NovoCure during the 2nd quarter valued at $34,000. Brooklyn Investment Group bought a new stake in NovoCure in the 3rd quarter valued at about $45,000. Venturi Wealth Management LLC raised its stake in NovoCure by 58.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider’s stock valued at $57,000 after acquiring an additional 1,354 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in NovoCure by 21.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider’s stock valued at $61,000 after purchasing an additional 701 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in NovoCure by 35.8% during the fourth quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider’s stock worth $100,000 after purchasing an additional 880 shares during the period. 84.61% of the stock is owned by 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.