NovoCure (NASDAQ:NVCR) Shares Pass Above Fifty Day Moving Average – Here’s What Happened

NovoCure Limited (NASDAQ:NVCR) shares passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $16.75 and traded as high as $16.99. NovoCure shares last traded at $16.72, with a volume of 1,482,613 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wall Street Zen cut shares of NovoCure from a “buy” rating to a “hold” rating in a research note on Saturday, August 29th. HC Wainwright set a $32.00 price objective on shares of NovoCure in a research note on Friday, July 24th. JPMorgan Chase & Co. began coverage on shares of NovoCure in a report on Monday, July 13th. They set a “neutral” rating and a $17.00 target price on the stock. Zacks Research upgraded NovoCure from a “strong sell” rating to a “hold” rating in a research report on Friday, July 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NovoCure in a report on Thursday, August 27th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $21.20.

NovoCure Stock Down 0.2%

The company has a quick ratio of 2.70, a current ratio of 2.89 and a debt-to-equity ratio of 0.58. The company has a market cap of $1.94 billion, a PE ratio of -12.84 and a beta of 1.01. The stock has a 50-day moving average of $16.76 and a 200-day moving average of $15.32.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Thursday, July 23rd. The medical equipment provider reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.20. The business had revenue of $183.58 million during the quarter, compared to analysts’ expectations of $172.44 million. NovoCure had a negative return on equity of 44.00% and a negative net margin of 21.25%.The firm’s revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.36) earnings per share. Sell-side analysts predict that NovoCure Limited will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of NovoCure

A number of hedge funds have recently made changes to their positions in the stock. Sei Investments Co. boosted its holdings in shares of NovoCure by 367.6% in the 1st quarter. Sei Investments Co. now owns 114,281 shares of the medical equipment provider’s stock worth $1,246,000 after purchasing an additional 89,839 shares in the last quarter. First Trust Advisors LP bought a new stake in NovoCure in the 1st quarter worth approximately $1,028,000. Eversept Partners LP bought a new stake in NovoCure in the 4th quarter worth approximately $1,564,000. Dimensional Fund Advisors LP boosted its stake in NovoCure by 27.6% in the first quarter. Dimensional Fund Advisors LP now owns 960,056 shares of the medical equipment provider’s stock worth $10,462,000 after buying an additional 207,913 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in NovoCure by 23.7% in the first quarter. Quantinno Capital Management LP now owns 2,487,376 shares of the medical equipment provider’s stock worth $27,112,000 after buying an additional 477,128 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

About NovoCure

NovoCure Ltd. (NASDAQ: NVCR) is an oncology company that develops and commercializes Tumor Treating Fields (TTFields), a noninvasive therapy that uses low-intensity, intermediate-frequency electric fields to disrupt the division of cancer cells. The company’s technology is designed to be used alongside other cancer treatments and is delivered through a portable device and transducer arrays placed on the patient’s body.

NovoCure’s principal commercial products include Optune Gio, used with other treatments for adults with certain forms of glioblastoma, and Optune Lua, approved in the United States for use with certain therapies in adults with unresectable, locally advanced or metastatic malignant pleural mesothelioma.