BidaskClub upgraded shares of Novocure (NASDAQ:NVCR) from a sell rating to a hold rating in a research report released on Friday morning.
A number of other equities analysts have also recently issued reports on the company. Zacks Investment Research raised Novocure from a sell rating to a hold rating in a report on Wednesday, February 28th. Deutsche Bank dropped their target price on Novocure from $22.00 to $19.00 and set a hold rating for the company in a report on Friday, February 23rd. Mizuho reissued a buy rating and issued a $28.00 target price (up from $25.00) on shares of Novocure in a report on Friday, February 23rd. ValuEngine raised Novocure from a sell rating to a hold rating in a report on Friday, February 2nd. Finally, JPMorgan Chase & Co. reissued a buy rating on shares of Novocure in a report on Monday, November 20th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $21.50.
Shares of Novocure (NASDAQ:NVCR) opened at $22.65 on Friday. The company has a quick ratio of 4.44, a current ratio of 4.88 and a debt-to-equity ratio of 0.86. Novocure has a 52-week low of $6.75 and a 52-week high of $24.15. The company has a market capitalization of $2,040.00 and a P/E ratio of -20.78.
In related news, General Counsel Todd Christopher Longsworth sold 6,591 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $19.83, for a total transaction of $130,699.53. Following the completion of the sale, the general counsel now directly owns 26,665 shares of the company’s stock, valued at approximately $528,766.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Wilhelmus Cm Groenhuysen sold 31,132 shares of the firm’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $21.02, for a total value of $654,394.64. Following the sale, the chief financial officer now directly owns 240,210 shares of the company’s stock, valued at $5,049,214.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 511,492 shares of company stock valued at $11,300,256. 16.70% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Elkfork Partners LLC acquired a new stake in Novocure during the 4th quarter valued at $225,000. Pier Capital LLC increased its holdings in Novocure by 41.0% during the 4th quarter. Pier Capital LLC now owns 385,527 shares of the medical equipment provider’s stock valued at $7,788,000 after purchasing an additional 112,176 shares in the last quarter. Macquarie Group Ltd. increased its holdings in Novocure by 38.9% during the 4th quarter. Macquarie Group Ltd. now owns 70,066 shares of the medical equipment provider’s stock valued at $1,415,000 after purchasing an additional 19,606 shares in the last quarter. Millennium Management LLC increased its holdings in Novocure by 27.4% during the 4th quarter. Millennium Management LLC now owns 484,569 shares of the medical equipment provider’s stock valued at $9,788,000 after purchasing an additional 104,210 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new stake in Novocure during the 4th quarter valued at $2,002,000. 42.81% of the stock is owned by hedge funds and other institutional investors.
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NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.
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