HC Wainwright Forecasts Strong Price Appreciation for NovoCure (NASDAQ:NVCR) Stock

NovoCure (NASDAQ:NVCR) had its target price boosted by equities researchers at HC Wainwright from $46.00 to $52.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the medical equipment provider’s stock. HC Wainwright’s price objective suggests a potential upside of 161.53% from the company’s current price.

Several other analysts also recently commented on NVCR. Weiss Ratings raised shares of NovoCure from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Wells Fargo & Company raised their price target on shares of NovoCure from $13.50 to $17.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. Wedbush reiterated a “neutral” rating and issued a $18.00 price objective on shares of NovoCure in a report on Thursday, April 16th. Evercore reissued an “outperform” rating on shares of NovoCure in a research report on Friday, May 1st. Finally, Zacks Research lowered NovoCure from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 14th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $24.80.

NovoCure Trading Up 27.7%

NASDAQ NVCR traded up $4.31 on Thursday, hitting $19.88. 5,471,257 shares of the stock were exchanged, compared to its average volume of 1,761,719. The company’s 50-day moving average price is $16.60 and its two-hundred day moving average price is $14.07. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.90 and a quick ratio of 2.70. NovoCure has a 52-week low of $9.82 and a 52-week high of $20.55. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of -13.00 and a beta of 0.94.

NovoCure (NASDAQ:NVCR) last issued its earnings results on Thursday, July 23rd. The medical equipment provider reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.20. NovoCure had a negative return on equity of 50.82% and a negative net margin of 25.66%.The company had revenue of $183.58 million for the quarter, compared to the consensus estimate of $172.44 million. During the same quarter in the prior year, the company earned ($0.36) EPS. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. Research analysts predict that NovoCure will post -1.52 EPS for the current year.

Insider Transactions at NovoCure

In related news, Director Jeryl L. Hilleman sold 2,945 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $15.77, for a total value of $46,442.65. Following the completion of the transaction, the director directly owned 13,861 shares in the company, valued at approximately $218,587.97. This represents a 17.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director W Anthony Vernon sold 2,945 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $15.77, for a total transaction of $46,442.65. Following the completion of the transaction, the director owned 197,657 shares of the company’s stock, valued at approximately $3,117,050.89. This represents a 1.47% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 51,943 shares of company stock worth $893,171. 5.52% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NovoCure

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in 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 in the last quarter. Soleus Capital Management L.P. lifted its stake in NovoCure by 25.0% in the second quarter. Soleus Capital Management L.P. now owns 6,904,302 shares of the medical equipment provider’s stock valued at $122,897,000 after buying an additional 1,382,888 shares in the last quarter. Morgan Stanley boosted its holdings in shares of NovoCure by 453.4% in the fourth 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 during the period. Quantinno Capital Management LP boosted its holdings in shares of 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 valued at $27,112,000 after buying an additional 477,128 shares during the period. Finally, Balyasny Asset Management L.P. increased its position in shares of NovoCure by 38.8% during the second quarter. Balyasny Asset Management L.P. now owns 2,270,076 shares of the medical equipment provider’s stock worth $40,407,000 after acquiring an additional 634,925 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

NovoCure Company Profile

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.