NovoCure (NASDAQ:NVCR) Stock Price Up 7.6%

NovoCure Limited (NASDAQ:NVCR - Get Free Report) traded up 7.6% during trading on Monday . The stock traded as high as $17.74 and last traded at $17.72. 667,610 shares traded hands during trading, a decline of 49% from the average session volume of 1,307,496 shares. The stock had previously closed at $16.47.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Piper Sandler reaffirmed an "overweight" rating and set a $28.00 price target (up previously from $25.00) on shares of NovoCure in a research report on Wednesday, April 10th. 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 report on Tuesday, March 19th. Evercore ISI increased their price target on shares of NovoCure from $14.00 to $15.00 and gave the company an "in-line" rating in a research note on Friday, February 23rd. HC Wainwright decreased their price objective on shares of NovoCure from $24.00 to $22.00 and set a "neutral" rating for the company in a research report on Thursday, May 2nd. Finally, Wedbush reiterated a "neutral" rating and issued a $21.00 target price on shares of NovoCure in a research note on Thursday, May 2nd. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, NovoCure presently has a consensus rating of "Moderate Buy" and an average price target of $30.88.

NovoCure Stock Performance

The company has a market cap of $1.93 billion, a P/E ratio of -9.93 and a beta of 0.50. The stock has a 50 day moving average price of $14.22 and a two-hundred day moving average price of $13.90. The company has a quick ratio of 5.99, a current ratio of 6.26 and a debt-to-equity ratio of 1.59.

NovoCure (NASDAQ:NVCR - Get Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.07. NovoCure had a negative net margin of 36.67% and a negative return on equity of 50.35%. The business had revenue of $138.50 million during the quarter, compared to analysts' expectations of $131.44 million. During the same quarter in the previous year, the company earned ($0.50) EPS. The business's revenue was up 13.3% on a year-over-year basis. On average, research analysts predict that NovoCure Limited will post -1.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other NovoCure news, EVP Frank X. Leonard sold 1,679 shares of NovoCure stock in a transaction on Friday, March 1st. The stock was sold at an average price of $16.03, for a total value of $26,914.37. Following the completion of the transaction, the executive vice president now directly owns 160,938 shares of the company's stock, valued at approximately $2,579,836.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other NovoCure news, EVP Frank X. Leonard sold 1,679 shares of the firm's stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $16.03, for a total value of $26,914.37. Following the transaction, the executive vice president now directly owns 160,938 shares of the company's stock, valued at approximately $2,579,836.14. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of the company's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $16.03, for a total transaction of $33,775.21. Following the sale, the chief operating officer now directly owns 252,452 shares of the company's stock, valued at approximately $4,046,805.56. The disclosure for this sale can be found here. Insiders have sold 7,921 shares of company stock valued at $127,161 over the last 90 days. 6.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NovoCure

Institutional investors have recently modified their holdings of the business. China Universal Asset Management Co. Ltd. grew its position in NovoCure by 96.8% in the third quarter. China Universal Asset Management Co. Ltd. now owns 2,739 shares of the medical equipment provider's stock valued at $44,000 after acquiring an additional 1,347 shares during the last quarter. GAMMA Investing LLC boosted its position in NovoCure by 278.0% in the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider's stock valued at $45,000 after buying an additional 2,118 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of NovoCure during the third quarter worth $74,000. Daiwa Securities Group Inc. increased its holdings in shares of NovoCure by 1,113.7% during the first quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider's stock worth $80,000 after buying an additional 4,700 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new position in shares of NovoCure in the 3rd quarter valued at $85,000. Institutional investors and hedge funds own 84.61% of the company's stock.

NovoCure Company Profile

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.

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