NovoCure (NASDAQ:NVCR) Given "Equal Weight" Rating at Wells Fargo & Company

Key Points

• Wells Fargo & Company has reaffirmed an "equal weight" rating for NovoCure, setting a new price target of $14.50, significantly down from the previous target of $40.00.
• Analysts show mixed sentiments towards NovoCure, with ratings ranging from "sell" to "buy," and the stock currently holds a consensus rating of "Hold" with a price target of $28.79.
• NovoCure reported a quarterly EPS of ($0.36), exceeding analysts' expectations, and its revenue for the quarter was up 5.6% year-over-year, totaling $158.80 million.
• The stock has experienced volatility, with a 52-week high of $34.13 and a 52-week low of $12.46, contributing to a current market capitalization of $1.38 billion.

Wells Fargo & Company restated their equal weight rating on shares of NovoCure (NASDAQ:NVCR - Free Report) in a report released on Friday morning, MarketBeat.com reports. Wells Fargo & Company currently has a $14.50 target price on the medical equipment provider's stock, down from their previous target price of $40.00.

Several other brokerages have also recently weighed in on NVCR. Piper Sandler reaffirmed an "overweight" rating and set a $34.00 price objective on shares of NovoCure in a research note on Friday, June 27th. Wall Street Zen lowered shares of NovoCure from a "hold" rating to a "sell" rating in a report on Friday, April 25th. LADENBURG THALM/SH SH assumed coverage on shares of NovoCure in a report on Tuesday, July 8th. They set a "buy" rating and a $30.00 price objective on the stock. Wedbush decreased their price target on shares of NovoCure from $29.00 to $27.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Finally, JPMorgan Chase & Co. decreased their price target 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $28.79.

NovoCure Trading Down 0.4%

NovoCure stock traded down $0.05 during midday trading on Friday, reaching $11.60. The stock had a trading volume of 1,118,982 shares, compared to its average volume of 1,123,622. The firm's fifty day simple moving average is $17.16 and its two-hundred day simple moving average is $19.07. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -7.46 and a beta of 0.72. NovoCure has a twelve month low of $11.41 and a twelve month high of $34.13. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.45 and a quick ratio of 1.39.

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

Hedge Funds Weigh In On NovoCure

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