NovoCure (NASDAQ:NVCR) Shares Gap Down Following Analyst Downgrade

NovoCure Limited (NASDAQ:NVCRGet Free Report)’s share price gapped down prior to trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $49.00 to $42.00. The stock had previously closed at $14.39, but opened at $14.08. Wells Fargo & Company currently has an overweight rating on the stock. NovoCure shares last traded at $14.21, with a volume of 77,702 shares changing hands.

Other analysts have also issued reports about the company. Wedbush reiterated a “neutral” rating and set a $21.00 price target on shares of NovoCure in a report on Wednesday, March 27th. Evercore ISI boosted their target price on NovoCure from $14.00 to $15.00 and gave the stock an “in-line” rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. upped their price objective on NovoCure from $15.00 to $17.00 and gave the stock a “neutral” rating in a report on Tuesday, March 19th. Finally, HC Wainwright upped their price target on NovoCure from $22.00 to $24.00 and gave the company a “neutral” rating in a research report on Wednesday, March 27th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $33.25.

View Our Latest Analysis on NVCR

Insider Transactions at NovoCure

In other NovoCure news, EVP Frank X. Leonard sold 2,078 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $16.14, for a total transaction of $33,538.92. Following the sale, the executive vice president now directly owns 162,617 shares of the company’s stock, valued at $2,624,638.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Frank X. Leonard sold 2,078 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $16.14, for a total value of $33,538.92. Following the transaction, the executive vice president now owns 162,617 shares of the company’s stock, valued at $2,624,638.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Frank X. Leonard sold 1,679 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $16.03, for a total value of $26,914.37. Following the sale, the executive vice president now owns 160,938 shares of the company’s stock, valued at approximately $2,579,836.14. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,921 shares of company stock valued at $127,161. 5.67% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NovoCure

Several hedge funds have recently made changes to their positions in the company. US Bancorp DE grew its position in shares of NovoCure by 18.9% during the 1st quarter. US Bancorp DE now owns 2,857 shares of the medical equipment provider’s stock valued at $237,000 after acquiring an additional 454 shares during the period. Panagora Asset Management Inc. lifted its stake in NovoCure by 280.8% in the first quarter. Panagora Asset Management Inc. now owns 12,702 shares of the medical equipment provider’s stock worth $1,052,000 after acquiring an additional 9,366 shares during the last quarter. BlackRock Inc. increased its holdings in shares of NovoCure by 0.6% in the 1st quarter. BlackRock Inc. now owns 6,732,513 shares of the medical equipment provider’s stock valued at $557,787,000 after acquiring an additional 43,157 shares during the period. Dimensional Fund Advisors LP increased its stake in NovoCure by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 127,433 shares of the medical equipment provider’s stock valued at $10,559,000 after buying an additional 2,534 shares during the period. Finally, Blair William & Co. IL acquired a new position in shares of NovoCure during the 1st quarter worth $572,000. 84.61% of the stock is owned by institutional investors and hedge funds.

NovoCure Stock Performance

The stock’s fifty day simple moving average is $15.02 and its 200-day simple moving average is $14.33. The company has a debt-to-equity ratio of 1.57, a quick ratio of 5.56 and a current ratio of 5.78. The company has a market capitalization of $1.54 billion, a PE ratio of -7.35 and a beta of 0.42.

NovoCure (NASDAQ:NVCRGet Free Report) last announced its quarterly earnings data on Thursday, February 22nd. The medical equipment provider reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.53) by $0.08. The firm had revenue of $133.80 million for the quarter, compared to analysts’ expectations of $133.80 million. NovoCure had a negative return on equity of 51.63% and a negative net margin of 40.65%. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period last year, the business posted ($0.36) earnings per share. As a group, equities analysts predict that NovoCure Limited will post -1.73 earnings per share for the current year.

NovoCure Company Profile

(Get Free Report)

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.

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