NovoCure Limited (NASDAQ:NVCR) Receives $30.33 Average Target Price from Analysts

NovoCure Limited (NASDAQ:NVCR) has been assigned an average rating of “Moderate Buy” from the six analysts that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $32.67.

Several equities research analysts have issued reports on the company. Piper Sandler raised their price target on NovoCure from $28.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, December 13th. HC Wainwright restated a “buy” rating and set a $38.00 target price (up previously from $30.00) on shares of NovoCure in a research note on Monday, December 2nd. Wedbush reaffirmed a “neutral” rating and set a $29.00 target price (up previously from $24.00) on shares of NovoCure in a report on Monday, December 2nd. Finally, Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and increased their price target for the company from $18.00 to $30.00 in a report on Monday, December 2nd.

NovoCure Stock Performance

Shares of NVCR opened at $32.10 on Wednesday. The company has a market cap of $3.47 billion, a PE ratio of -22.93 and a beta of 0.75. The firm has a 50-day moving average of $20.17 and a 200-day moving average of $19.02. NovoCure has a one year low of $11.70 and a one year high of $34.00. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The firm had revenue of $155.10 million for the quarter, compared to the consensus estimate of $143.95 million. During the same quarter in the previous year, the business earned ($0.46) earnings per share. The business’s revenue was up 21.8% compared to the same quarter last year. As a group, equities analysts forecast that NovoCure will post -1.32 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

Large investors have recently bought and sold shares of the company. Franklin Resources Inc. boosted its holdings in shares of NovoCure by 222.6% in the 3rd quarter. Franklin Resources Inc. now owns 180,853 shares of the medical equipment provider’s stock valued at $2,904,000 after purchasing an additional 124,793 shares in the last quarter. Tidal Investments LLC grew its position in NovoCure by 4.6% in the third quarter. Tidal Investments LLC now owns 55,756 shares of the medical equipment provider’s stock valued at $871,000 after acquiring an additional 2,465 shares during the last quarter. Geode Capital Management LLC raised its stake in NovoCure by 1.3% during 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 acquiring an additional 29,871 shares in the last quarter. Weiss Asset Management LP bought a new position in shares of NovoCure in the third quarter worth about $735,000. Finally, IHT Wealth Management LLC acquired a new stake in shares of NovoCure in the 3rd quarter valued at approximately $180,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

About NovoCure

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.