NovoCure (NASDAQ:NVCR) Earns Overweight Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of NovoCure (NASDAQ:NVCR - Free Report) in a report released on Friday morning,Benzinga reports. Piper Sandler currently has a $34.00 target price on the medical equipment provider's stock.

Several other equities analysts also recently weighed in on NVCR. Wedbush reduced their target price on shares of NovoCure from $29.00 to $27.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. JPMorgan Chase & Co. lowered their target price on shares of NovoCure from $29.00 to $28.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Finally, Wall Street Zen lowered NovoCure from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $32.83.

NovoCure Stock Performance

Shares of NASDAQ:NVCR traded down $0.20 during midday trading on Friday, reaching $17.80. The company had a trading volume of 1,719,399 shares, compared to its average volume of 1,139,172. 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 market cap of $1.98 billion, a P/E ratio of -11.79 and a beta of 0.74. NovoCure has a 52-week low of $14.17 and a 52-week high of $34.13. The company's 50 day moving average price is $17.66 and its 200 day moving average price is $21.12.

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, beating the consensus estimate of ($0.47) by $0.16. NovoCure had a negative return on equity of 45.46% and a negative net margin of 26.41%. The business had revenue of $154.99 million for the quarter, compared to the consensus estimate of $147.57 million. During the same quarter in the prior year, the business earned ($0.36) earnings per share. NovoCure's revenue for the quarter was up 11.9% on a year-over-year basis. As a group, sell-side analysts anticipate that NovoCure will post -1.3 EPS for the current fiscal year.

Institutional Trading of NovoCure

Institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. bought a new stake in NovoCure during the 4th quarter valued at $272,000. Ameriprise Financial Inc. raised its stake in shares of NovoCure by 77.7% during the fourth quarter. Ameriprise Financial Inc. now owns 22,883 shares of the medical equipment provider's stock valued at $682,000 after acquiring an additional 10,007 shares during the last quarter. LPL Financial LLC purchased a new stake in shares of NovoCure during the fourth quarter worth about $830,000. Proficio Capital Partners LLC purchased a new stake in shares of NovoCure during the fourth quarter worth about $899,000. Finally, Los Angeles Capital Management LLC raised its position in NovoCure by 362.4% during the 4th quarter. Los Angeles Capital Management LLC now owns 70,601 shares of the medical equipment provider's stock valued at $2,104,000 after purchasing an additional 55,334 shares during the last quarter. Hedge funds and other 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.