NovoCure (NASDAQ:NVCR) Stock Price Up 6.5% - Still a Buy?

NovoCure Limited (NASDAQ:NVCR - Get Free Report)'s stock price shot up 6.5% during trading on Tuesday . The company traded as high as $17.81 and last traded at $17.99. 376,758 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 1,164,039 shares. The stock had previously closed at $16.90.

Wall Street Analyst Weigh In

NVCR has been the subject of a number of analyst reports. Piper Sandler dropped their price objective on NovoCure from $42.00 to $34.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. cut their price target on shares of NovoCure from $29.00 to $28.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Wedbush dropped their target price on shares of NovoCure from $29.00 to $27.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Finally, Wall Street Zen cut NovoCure from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $32.83.

NovoCure Trading Down 3.6%

The stock has a market capitalization of $1.96 billion, a PE ratio of -12.54 and a beta of 0.74. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The stock has a 50 day moving average price of $17.42 and a 200-day moving average price of $21.88.

NovoCure (NASDAQ:NVCR - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The medical equipment provider reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.47) by $0.16. The firm had revenue of $154.99 million for the quarter, compared to the consensus estimate of $147.57 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The business's revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.36) earnings per share. Sell-side analysts expect that NovoCure Limited will post -1.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NVCR. Soleus Capital Management L.P. purchased a new position in shares of NovoCure in the fourth quarter valued at about $81,643,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of NovoCure by 154.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,782,159 shares of the medical equipment provider's stock valued at $31,758,000 after buying an additional 1,080,514 shares during the last quarter. Capital International Investors lifted its holdings in shares of NovoCure by 12.0% in the fourth quarter. Capital International Investors now owns 8,873,902 shares of the medical equipment provider's stock worth $264,442,000 after buying an additional 951,141 shares in the last quarter. Nuveen LLC bought a new position in shares of NovoCure during the first quarter worth $12,363,000. Finally, Granite Investment Partners LLC purchased a new position in NovoCure during the fourth quarter valued at $20,464,000. Hedge funds and other institutional investors 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.