HC Wainwright Increases NovoCure (NASDAQ:NVCR) Price Target to $49.00

NovoCure (NASDAQ:NVCR) had its target price hoisted by HC Wainwright from $47.00 to $49.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock. HC Wainwright’s price target would indicate a potential upside of 263.50% from the company’s current price.

Other research analysts have also recently issued reports about the company. Wedbush reiterated a “neutral” rating and set a $18.00 price target on shares of NovoCure in a research report on Thursday, January 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of NovoCure in a research report on Thursday, January 22nd. Finally, Evercore set a $20.00 price objective on NovoCure in a research report on Monday, January 5th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $26.93.

NovoCure Stock Down 10.1%

NVCR traded down $1.51 during trading on Thursday, hitting $13.48. The stock had a trading volume of 3,465,217 shares, compared to its average volume of 2,192,670. The stock has a 50 day simple moving average of $12.69 and a two-hundred day simple moving average of $12.62. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.50 and a current ratio of 1.55. NovoCure has a twelve month low of $9.82 and a twelve month high of $21.55. The company has a market capitalization of $1.51 billion, a PE ratio of -8.34 and a beta of 0.73.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, February 26th. The medical equipment provider reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.41) by $0.19. The firm had revenue of $174.35 million during the quarter, compared to analyst estimates of $174.40 million. NovoCure had a negative return on equity of 50.29% and a negative net margin of 27.66%.The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.61) EPS. On average, research analysts predict that NovoCure will post -1.3 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of NovoCure by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 10,958,209 shares of the medical equipment provider’s stock worth $141,690,000 after purchasing an additional 502,368 shares during the last quarter. Soleus Capital Management L.P. raised its holdings in NovoCure by 25.0% during the second quarter. Soleus Capital Management L.P. now owns 6,904,302 shares of the medical equipment provider’s stock worth $122,897,000 after purchasing an additional 1,382,888 shares in the last quarter. Morgan Stanley boosted its holdings in shares of NovoCure by 453.4% in the 4th quarter. Morgan Stanley now owns 5,069,895 shares of the medical equipment provider’s stock valued at $65,554,000 after buying an additional 4,153,741 shares in the last quarter. Balyasny Asset Management L.P. boosted its stake in NovoCure by 38.8% in the second quarter. Balyasny Asset Management L.P. now owns 2,270,076 shares of the medical equipment provider’s stock valued at $40,407,000 after acquiring an additional 634,925 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in shares of NovoCure by 29.4% during the fourth quarter. Renaissance Technologies LLC now owns 1,387,754 shares of the medical equipment provider’s stock worth $17,944,000 after purchasing an additional 314,900 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

About NovoCure

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.