NovoCure (NASDAQ:NVCR) PT Lowered to $22.00

NovoCure (NASDAQ:NVCR - Free Report) had its price target reduced by HC Wainwright from $24.00 to $22.00 in a report issued on Thursday morning, Benzinga reports. HC Wainwright currently has a neutral rating on the medical equipment provider's stock.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company dropped their target price on shares of NovoCure from $49.00 to $42.00 and set an overweight rating on the stock in a research report on Wednesday, April 3rd. Evercore ISI boosted their target price on shares of NovoCure from $14.00 to $15.00 and gave the stock an in-line rating in a research report on Friday, February 23rd. Wedbush reaffirmed a neutral rating and set a $21.00 target price on shares of NovoCure in a research report on Wednesday, March 27th. Piper Sandler reaffirmed an overweight rating and set a $28.00 target price (up previously from $25.00) on shares of NovoCure in a research report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. boosted their target price on shares of NovoCure from $15.00 to $17.00 and gave the stock a neutral rating in a research report on Tuesday, March 19th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, NovoCure presently has a consensus rating of Moderate Buy and an average target price of $30.88.

NovoCure Stock Performance

Shares of NASDAQ:NVCR traded up $1.45 during trading on Thursday, reaching $14.19. The stock had a trading volume of 1,574,988 shares, compared to its average volume of 1,333,470. NovoCure has a 52 week low of $10.87 and a 52 week high of $83.60. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -7.22 and a beta of 0.50. The company has a quick ratio of 5.56, a current ratio of 5.78 and a debt-to-equity ratio of 1.57. The stock has a fifty day simple moving average of $14.23 and a two-hundred day simple moving average of $13.87.

NovoCure (NASDAQ:NVCR - Get Free Report) last released its quarterly earnings results on Thursday, February 22nd. The medical equipment provider reported ($0.45) EPS for the quarter, beating analysts' consensus estimates of ($0.53) by $0.08. NovoCure had a negative net margin of 40.65% and a negative return on equity of 51.63%. The company had revenue of $133.80 million for the quarter, compared to analyst estimates of $133.80 million. During the same quarter last year, the firm posted ($0.36) earnings per share. The company's quarterly revenue was up 4.2% compared to the same quarter last year. As a group, analysts anticipate that NovoCure will post -1.78 earnings per share for the current fiscal year.

Insider Buying and Selling at NovoCure

In other news, EVP Frank X. Leonard sold 1,679 shares of the business's stock in a transaction on Friday, March 1st. The shares were sold at an average price of $16.03, for a total value of $26,914.37. Following the sale, the executive vice president now owns 160,938 shares in the company, valued at approximately $2,579,836.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Frank X. Leonard sold 2,078 shares of the business's stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $16.14, for a total value of $33,538.92. Following the sale, the executive vice president now owns 162,617 shares in the company, valued at approximately $2,624,638.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Frank X. Leonard sold 1,679 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $16.03, for a total transaction of $26,914.37. Following the sale, the executive vice president now directly owns 160,938 shares in the company, valued at approximately $2,579,836.14. The disclosure for this sale can be found here. Insiders have sold 7,921 shares of company stock valued at $127,161 in the last 90 days. 5.67% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NovoCure

A number of hedge funds have recently added to or reduced their stakes in NVCR. China Universal Asset Management Co. Ltd. grew its holdings in NovoCure by 96.8% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,739 shares of the medical equipment provider's stock worth $44,000 after acquiring an additional 1,347 shares during the last quarter. GAMMA Investing LLC grew its holdings in NovoCure by 278.0% during the 1st quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider's stock worth $45,000 after acquiring an additional 2,118 shares during the last quarter. CWM LLC grew its holdings in NovoCure by 127.9% during the 3rd quarter. CWM LLC now owns 3,891 shares of the medical equipment provider's stock worth $63,000 after acquiring an additional 2,184 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in NovoCure during the 3rd quarter worth about $74,000. Finally, Daiwa Securities Group Inc. lifted its position in NovoCure by 1,113.7% during the 1st quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider's stock valued at $80,000 after purchasing an additional 4,700 shares during the period. Institutional investors own 84.61% of the company's stock.

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.