NovoCure (NASDAQ:NVCR) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen downgraded NovoCure to “Hold” from “Buy,” aligning with the broader analyst consensus of “Hold” and an average price target of $21.20.
• NovoCure’s latest quarterly results exceeded expectations, with an adjusted loss of $0.13 per share versus the $0.33 consensus loss and revenue of $183.58 million, up 15.6% year over year.
• The stock opened at $14.58, while institutional investors and hedge funds own a substantial 84.61% of NovoCure’s shares.

NovoCure (NASDAQ:NVCR - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other brokerages have also issued reports on NVCR. Wedbush boosted their price target on NovoCure from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Zacks Research upgraded NovoCure from a "strong sell" rating to a "hold" rating in a report on Friday, July 24th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NovoCure in a research report on Thursday, August 27th. HC Wainwright set a $32.00 target price on NovoCure in a report on Friday, July 24th. Finally, JPMorgan Chase & Co. assumed coverage on NovoCure in a research report on Monday, July 13th. They set a "neutral" rating and a $17.00 price target on the stock. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, NovoCure has an average rating of "Hold" and an average price target of $21.20.

NovoCure Stock Up 2.5%

NASDAQ:NVCR opened at $14.58 on Friday. The company has a market cap of $1.70 billion, a price-to-earnings ratio of -11.22 and a beta of 0.99. NovoCure has a twelve month low of $9.82 and a twelve month high of $21.45. The company has a current ratio of 2.89, a quick ratio of 2.70 and a debt-to-equity ratio of 0.58. The stock has a fifty day simple moving average of $16.56 and a 200-day simple moving average of $15.62.

NovoCure (NASDAQ:NVCR - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The medical equipment provider reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.33) by $0.20. The firm had revenue of $183.58 million for the quarter, compared to analysts' expectations of $172.44 million. NovoCure had a negative net margin of 21.25% and a negative return on equity of 44.00%. The business's revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.36) earnings per share. Analysts anticipate that NovoCure will post -1.21 EPS for the current year.

Hedge Funds Weigh In On NovoCure

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Elevation Wealth Partners LLC raised its stake in shares of NovoCure by 196.4% during the 3rd quarter. Elevation Wealth Partners LLC now owns 1,731 shares of the medical equipment provider's stock worth $28,000 after acquiring an additional 1,147 shares in the last quarter. Strs Ohio boosted its stake in NovoCure by 2.2% in the first quarter. Strs Ohio now owns 59,400 shares of the medical equipment provider's stock valued at $647,000 after acquiring an additional 1,300 shares in the last quarter. Allworth Financial LP grew its holdings in NovoCure by 182.0% in the second quarter. Allworth Financial LP now owns 2,721 shares of the medical equipment provider's stock worth $41,000 after purchasing an additional 1,756 shares during the last quarter. Kera Capital Partners Inc. grew its holdings in NovoCure by 9.0% in the first quarter. Kera Capital Partners Inc. now owns 21,454 shares of the medical equipment provider's stock worth $234,000 after purchasing an additional 1,763 shares during the last quarter. Finally, First Bancorp Inc ME purchased a new position in NovoCure in the second quarter worth $38,000. Hedge funds and other institutional investors own 84.61% of the company's stock.

About NovoCure

NovoCure Ltd. NASDAQ: NVCR is an oncology company focused on developing and commercializing Tumor Treating Fields (TTFields), a non-invasive cancer treatment that uses low-intensity alternating electric fields to disrupt the division of tumor cells. The company's technology is designed to be delivered through wearable systems that generate fields at specific frequencies and intensities.

NovoCure's primary products include Optune Gio, marketed in the United States for certain adults with glioblastoma, and Optune Lua, approved in the United States for use with standard chemotherapy in adults with unresectable, locally advanced or metastatic malignant pleural mesothelioma.

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