NovoCure (NASDAQ:NVCR) Trading 7.6% Higher – Here’s Why

NovoCure Limited (NASDAQ:NVCR)’s share price rose 7.6% during mid-day trading on Wednesday . The stock traded as high as $19.27 and last traded at $19.24. Approximately 146,940 shares changed hands during trading, a decline of 88% from the average daily volume of 1,270,983 shares. The stock had previously closed at $17.88.

Analyst Ratings Changes

A number of brokerages have recently commented on NVCR. Evercore ISI decreased their price target on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating on the stock in a report on Tuesday, October 1st. HC Wainwright reissued a “buy” rating and issued a $30.00 target price on shares of NovoCure in a research note on Thursday, November 21st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.17.

NovoCure Price Performance

The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The company’s 50-day simple moving average is $16.59 and its two-hundred day simple moving average is $18.41.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.06. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The firm had revenue of $155.10 million during the quarter, compared to the consensus estimate of $143.95 million. During the same period in the prior year, the firm posted ($0.46) earnings per share. The company’s quarterly revenue was up 21.8% compared to the same quarter last year. As a group, equities research analysts forecast that NovoCure Limited will post -1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On NovoCure

A number of hedge funds and other institutional investors have recently made changes to their positions in NVCR. FMR LLC boosted its holdings in NovoCure by 0.6% in the third quarter. FMR LLC now owns 16,232,008 shares of the medical equipment provider’s stock valued at $253,706,000 after acquiring an additional 90,422 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of NovoCure by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 10,023,981 shares of the medical equipment provider’s stock valued at $156,675,000 after purchasing an additional 264,883 shares in the last quarter. Nordwand Advisors LLC increased its position in shares of NovoCure by 100.0% during the third quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock valued at $47,356,000 after buying an additional 1,514,824 shares during the period. Geode Capital Management LLC raised its stake in NovoCure by 1.3% in the third quarter. Geode Capital Management LLC now owns 2,405,257 shares of the medical equipment provider’s stock worth $37,601,000 after buying an additional 29,871 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in NovoCure by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,378,940 shares of the medical equipment provider’s stock worth $37,184,000 after buying an additional 125,715 shares during the period. 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.