NovoCure's (NVCR) "Neutral" Rating Reaffirmed at Wedbush

Key Points

• Wedbush has reaffirmed a "neutral" rating for NovoCure (NVCR) with a price target of $18.00, indicating potential upside of 39.32% from its previous close.
• Research reports from other firms have varied significantly, with Wells Fargo lowering its target to $14.50 while Piper Sandler set a target at $34.00, reflecting differing outlooks on the stock's performance.
• Recent insider transactions include CFO Christoph Brackmann purchasing 20,000 shares at an average cost of $11.59, and CEO Ashley Cordova buying 81,550 shares at $12.22, indicating strong insider confidence in the company's prospects.

NovoCure (NASDAQ:NVCR - Get Free Report)'s stock had its "neutral" rating reiterated by Wedbush in a research note issued on Tuesday,RTT News reports. They currently have a $18.00 price target on the medical equipment provider's stock. Wedbush's price objective indicates a potential upside of 39.32% from the company's previous close.

NVCR has been the subject of a number of other research reports. Wells Fargo & Company reiterated an "equal weight" rating and set a $14.50 price target (down previously from $40.00) on shares of NovoCure in a research report on Friday, July 25th. Piper Sandler reiterated an "overweight" rating and set a $34.00 price target on shares of NovoCure in a research report on Friday, June 27th. Finally, LADENBURG THALM/SH SH began coverage on NovoCure in a research report on Tuesday, July 8th. They set a "buy" rating and a $30.00 price target for the company. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, NovoCure currently has a consensus rating of "Moderate Buy" and a consensus target price of $27.50.

NovoCure Price Performance

Shares of NASDAQ NVCR opened at $12.92 on Tuesday. NovoCure has a twelve month low of $10.87 and a twelve month high of $34.13. The company has a current ratio of 1.45, a quick ratio of 1.39 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of -8.28 and a beta of 0.58. The business has a 50 day simple moving average of $12.27 and a 200-day simple moving average of $15.70.

NovoCure (NASDAQ:NVCR - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The medical equipment provider reported ($0.36) earnings per share for the quarter, beating analysts' consensus estimates of ($0.39) by $0.03. NovoCure had a negative return on equity of 47.74% and a negative net margin of 27.13%.The business had revenue of $158.80 million during the quarter, compared to the consensus estimate of $153.87 million. During the same period in the previous year, the business earned ($0.31) EPS. The business's quarterly revenue was up 5.6% on a year-over-year basis. As a group, equities research analysts expect that NovoCure will post -1.3 earnings per share for the current year.

Insiders Place Their Bets

In other NovoCure news, CFO Christoph Brackmann purchased 20,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average cost of $11.59 per share, with a total value of $231,800.00. Following the completion of the transaction, the chief financial officer owned 141,150 shares of the company's stock, valued at approximately $1,635,928.50. This represents a 16.51% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ashley Cordova purchased 81,550 shares of the company's stock in a transaction that occurred on Friday, September 5th. The shares were acquired at an average cost of $12.22 per share, for a total transaction of $996,541.00. Following the completion of the transaction, the chief executive officer directly owned 437,569 shares of the company's stock, valued at $5,347,093.18. This trade represents a 22.91% increase in their position. The disclosure for this purchase can be found here. 5.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of NovoCure by 17.1% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,307 shares of the medical equipment provider's stock worth $77,000 after acquiring an additional 629 shares in the last quarter. Headlands Technologies LLC bought a new stake in NovoCure during the 2nd quarter valued at approximately $88,000. Acadian Asset Management LLC bought a new stake in NovoCure during the 1st quarter valued at approximately $87,000. Russell Investments Group Ltd. boosted its stake in NovoCure by 463.8% during the 1st quarter. Russell Investments Group Ltd. now owns 6,529 shares of the medical equipment provider's stock valued at $116,000 after purchasing an additional 5,371 shares during the period. Finally, Mackenzie Financial Corp bought a new stake in NovoCure during the 4th quarter valued at approximately $203,000. 84.61% of the stock is owned by institutional investors and hedge funds.

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.

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