NovoCure's (NVCR) "Overweight" Rating Reiterated at Piper Sandler

NovoCure (NASDAQ:NVCR - Get Free Report)'s stock had its "overweight" rating reaffirmed by analysts at Piper Sandler in a research report issued on Friday,Benzinga reports. They currently have a $34.00 price target on the medical equipment provider's stock. Piper Sandler's price objective indicates a potential upside of 95.21% from the stock's current price.

Several other equities research analysts have also issued reports on the company. JPMorgan Chase & Co. reduced their price target on NovoCure from $29.00 to $28.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Wedbush reduced their price objective on NovoCure from $29.00 to $27.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Finally, Wall Street Zen downgraded NovoCure from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $32.83.

NovoCure Price Performance

NVCR stock traded up $0.32 during trading hours on Friday, hitting $17.42. 342,246 shares of the stock traded hands, compared to its average volume of 1,185,576. NovoCure has a one year low of $14.17 and a one year high of $34.13. The company has a current ratio of 1.47, a quick ratio of 1.41 and a debt-to-equity ratio of 0.27. The stock has a 50-day simple moving average of $17.61 and a 200 day simple moving average of $21.33. The company has a market cap of $1.94 billion, a P/E ratio of -11.59 and a beta of 0.74.

NovoCure (NASDAQ:NVCR - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The medical equipment provider reported ($0.31) earnings per share (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 analyst estimates of $147.57 million. NovoCure had a negative net margin of 26.41% and a negative return on equity of 45.46%. The firm's quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.36) earnings per share. Equities analysts forecast that NovoCure will post -1.3 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

A number of hedge funds and other institutional investors have recently bought and sold shares of NVCR. GeoWealth Management LLC bought a new stake in shares of NovoCure during the fourth quarter worth $27,000. Lindbrook Capital LLC grew its holdings in NovoCure by 189.2% during the 4th quarter. Lindbrook Capital LLC now owns 1,854 shares of the medical equipment provider's stock worth $55,000 after acquiring an additional 1,213 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in NovoCure in the 4th quarter valued at about $68,000. SBI Securities Co. Ltd. acquired a new position in shares of NovoCure during the fourth quarter worth approximately $70,000. Finally, Acadian Asset Management LLC bought a new stake in shares of NovoCure during the first quarter valued at approximately $87,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.