NovoCure (NASDAQ:NVCR) Trading Up 6.5% – Here’s Why

NovoCure Limited (NASDAQ:NVCR) shares shot up 6.5% during mid-day trading on Tuesday . The stock traded as high as $17.81 and last traded at $17.99. 376,758 shares traded hands during trading, a decline of 68% from the average session volume of 1,164,039 shares. The stock had previously closed at $16.90.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NVCR. Piper Sandler dropped their target price on NovoCure from $42.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Wedbush dropped their price objective on NovoCure from $29.00 to $27.00 and set a “neutral” rating for the company in a report on Wednesday, April 16th. Wall Street Zen cut shares of NovoCure from a “hold” rating to a “sell” rating in a research report on Friday, April 25th. Finally, JPMorgan Chase & Co. cut their target price on NovoCure from $29.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $32.83.

NovoCure Price Performance

The stock has a market capitalization of $2.09 billion, a P/E ratio of -13.38 and a beta of 0.74. The business has a fifty day simple moving average of $17.34 and a 200-day simple moving average of $21.94. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, April 24th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.16. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The firm had revenue of $154.99 million during the quarter, compared to analysts’ expectations of $147.57 million. During the same period in the prior year, the business earned ($0.36) EPS. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. Sell-side analysts expect that NovoCure Limited will post -1.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NovoCure

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Choreo LLC bought a new stake in shares of NovoCure during the fourth quarter valued at approximately $251,000. Blue Trust Inc. increased its stake in shares of NovoCure by 70.7% during the fourth quarter. Blue Trust Inc. now owns 1,886 shares of the medical equipment provider’s stock valued at $56,000 after purchasing an additional 781 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of NovoCure by 2.2% during the fourth quarter. Rhumbline Advisers now owns 145,469 shares of the medical equipment provider’s stock valued at $4,335,000 after purchasing an additional 3,115 shares during the last quarter. Principal Financial Group Inc. bought a new stake in shares of NovoCure in the 4th quarter worth approximately $272,000. Finally, Truist Financial Corp purchased a new position in NovoCure during the fourth quarter valued at $340,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.