NovoCure (NASDAQ:NVCR) Stock Price Target Cut by Wedbush

Key Points

• Wedbush cut NovoCure’s price target from $20 to $19 while maintaining a neutral rating; the new target implies about 51% upside from the prior close.
• Analyst sentiment is mixed but averages to a Hold: two Buy, four Hold, and one Sell ratings, with a consensus target of $20.60.
• NovoCure beat quarterly estimates, reporting adjusted EPS of -$0.09 versus -$0.23 expected and revenue of $193.4 million, up 15.7% year over year.

NovoCure (NASDAQ:NVCR - Get Free Report) had its price objective decreased by equities researchers at Wedbush from $20.00 to $19.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a "neutral" rating on the medical equipment provider's stock. Wedbush's target price points to a potential upside of 50.97% from the stock's previous close.

Other analysts also recently issued reports about the stock. HC Wainwright set a $32.00 price objective on shares of NovoCure in a report on Friday, July 24th. Zacks Research upgraded NovoCure from a "strong sell" rating to a "hold" rating in a research report on Friday, July 24th. Weiss Ratings lowered NovoCure from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, October 30th. Wells Fargo & Company reduced their price objective on NovoCure from $20.00 to $15.00 and set an "equal weight" rating on the stock in a research report on Friday, October 30th. Finally, Wall Street Zen upgraded NovoCure from a "hold" rating to a "buy" rating in a research report on Saturday, October 31st. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $20.60.

NovoCure Trading Up 0.4%

NVCR stock traded up $0.06 during midday trading on Tuesday, hitting $12.59. The stock had a trading volume of 171,204 shares, compared to its average volume of 1,681,324. The firm has a market cap of $1.47 billion, a P/E ratio of -11.86 and a beta of 1.09. The company has a current ratio of 2.49, a quick ratio of 2.34 and a debt-to-equity ratio of 0.49. NovoCure has a 1-year low of $9.82 and a 1-year high of $21.45. The business has a fifty day moving average price of $15.30 and a two-hundred day moving average price of $14.78.

NovoCure (NASDAQ:NVCR - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The medical equipment provider reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.23) by $0.14. The company had revenue of $193.40 million for the quarter, compared to analysts' expectations of $182.28 million. NovoCure had a negative net margin of 16.78% and a negative return on equity of 35.81%. The business's revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.33) EPS. On average, sell-side analysts predict that NovoCure will post -1.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantinno Capital Management LP raised its position in NovoCure by 23.7% during the first quarter. Quantinno Capital Management LP now owns 2,487,376 shares of the medical equipment provider's stock valued at $27,112,000 after purchasing an additional 477,128 shares during the period. Renaissance Technologies LLC raised its stake in shares of NovoCure by 11.8% in the first quarter. Renaissance Technologies LLC now owns 1,551,554 shares of the medical equipment provider's stock valued at $16,912,000 after acquiring an additional 163,800 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of NovoCure by 27.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 960,056 shares of the medical equipment provider's stock worth $10,462,000 after acquiring an additional 207,913 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of NovoCure by 7.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 196,874 shares of the medical equipment provider's stock worth $3,140,000 after purchasing an additional 14,358 shares during the period. Finally, Allianz Asset Management GmbH bought a new position in NovoCure during the 2nd quarter valued at about $2,248,000. Institutional investors own 84.61% of the company's stock.

About NovoCure

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