Novocure (NASDAQ:NVCR) had its price target increased by Piper Sandler from $85.00 to $89.00 in a research report report published on Thursday, The Fly reports.
A number of other research firms have also commented on NVCR. SunTrust Banks lowered their price objective on Novocure from $105.00 to $90.00 and set a buy rating on the stock in a research note on Friday, May 1st. Evercore ISI lowered Novocure from an in-line rating to an underperform rating in a research note on Sunday, April 19th. ValuEngine upgraded Novocure from a hold rating to a buy rating in a research note on Tuesday, July 28th. Oppenheimer assumed coverage on Novocure in a research report on Monday, June 1st. They set a buy rating for the company. Finally, Zacks Investment Research raised Novocure from a sell rating to a hold rating in a research note on Thursday, July 2nd. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. Novocure presently has a consensus rating of Hold and an average target price of $78.67.
Shares of NASDAQ NVCR traded down $0.38 during trading hours on Thursday, reaching $75.79. 1,090,909 shares of the stock were exchanged, compared to its average volume of 773,690. The firm has a market capitalization of $7.61 billion, a price-to-earnings ratio of 631.64 and a beta of 1.54. The company has a debt-to-equity ratio of 0.67, a quick ratio of 5.22 and a current ratio of 5.49. Novocure has a 52 week low of $53.40 and a 52 week high of $98.84. The stock’s fifty day simple moving average is $62.85 and its 200 day simple moving average is $70.96.
Novocure (NASDAQ:NVCR) last announced its earnings results on Thursday, July 30th. The medical equipment provider reported $0.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.01. Novocure had a return on equity of 5.44% and a net margin of 2.88%. The company had revenue of $115.90 million for the quarter, compared to analyst estimates of $105.96 million. During the same quarter last year, the company earned ($0.01) earnings per share. The firm’s quarterly revenue was up 33.7% compared to the same quarter last year. Research analysts predict that Novocure will post 0.11 EPS for the current fiscal year.
In other news, insider Pritesh Shah sold 1,184 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $60.08, for a total value of $71,134.72. Following the completion of the transaction, the insider now owns 103,026 shares of the company’s stock, valued at $6,189,802.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ely Benaim sold 1,611 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $63.73, for a total value of $102,669.03. Following the completion of the transaction, the insider now directly owns 16,822 shares of the company’s stock, valued at approximately $1,072,066.06. The disclosure for this sale can be found here. Insiders sold 116,480 shares of company stock valued at $7,607,812 in the last ninety days. 5.07% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in NVCR. Guggenheim Capital LLC acquired a new stake in Novocure during the 4th quarter valued at approximately $387,000. Bank of New York Mellon Corp increased its position in Novocure by 0.5% during the 4th quarter. Bank of New York Mellon Corp now owns 355,340 shares of the medical equipment provider’s stock valued at $29,945,000 after purchasing an additional 1,609 shares during the period. Man Group plc increased its position in Novocure by 253.3% during the 4th quarter. Man Group plc now owns 36,386 shares of the medical equipment provider’s stock valued at $3,067,000 after purchasing an additional 26,086 shares during the period. Alliancebernstein L.P. increased its position in Novocure by 23.4% during the 4th quarter. Alliancebernstein L.P. now owns 180,810 shares of the medical equipment provider’s stock valued at $15,237,000 after purchasing an additional 34,290 shares during the period. Finally, Profund Advisors LLC acquired a new stake in Novocure during the 4th quarter valued at approximately $222,000. 69.14% of the stock is owned by institutional investors and hedge funds.
Novocure Ltd. is global oncology company, which engages in the development and commercialization of its innovative therapy. It focuses on the commercial adoption of Optune, and its Tumor Treating Fields delivery system, for the treatment of glioblastoma (GBM), and to advance programs testing the efficacy and safety of Optune in multiple solid tumor indications through clinical pipeline.
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