Wells Fargo & Company Reaffirms Equal Weight Rating for NovoCure (NASDAQ:NVCR)

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.

NovoCure (NASDAQ:NVCR - Get Free Report)'s stock had its "equal weight" rating restated by equities research analysts at Wells Fargo & Company in a report released on Friday,Benzinga reports. They currently have a $14.50 price target on the medical equipment provider's stock, down from their previous price target of $40.00. Wells Fargo & Company's target price suggests a potential upside of 16.83% from the stock's previous close.

Other analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of NovoCure from a "hold" rating to a "sell" rating in a report on Friday, April 25th. Wedbush dropped their price objective on shares of NovoCure from $29.00 to $27.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Piper Sandler reiterated an "overweight" rating and issued a $34.00 target price on shares of NovoCure in a research note on Friday, June 27th. JPMorgan Chase & Co. decreased their target price on shares of NovoCure from $29.00 to $28.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Finally, LADENBURG THALM/SH SH started coverage on shares of NovoCure in a research note on Tuesday, July 8th. They issued a "buy" rating and a $30.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $28.79.

NovoCure Price Performance

NVCR stock opened at $12.41 on Friday. NovoCure has a 52 week low of $12.46 and a 52 week high of $34.13. The company has a quick ratio of 1.41, a current ratio of 1.47 and a debt-to-equity ratio of 0.27. The company has a fifty day simple moving average of $17.40 and a two-hundred day simple moving average of $19.43. The firm has a market capitalization of $1.38 billion, a P/E ratio of -8.22 and a beta of 0.72.

NovoCure (NASDAQ:NVCR - Get Free Report) last announced its quarterly earnings data 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 net margin of 26.41% and a negative return on equity of 45.46%. The company had revenue of $158.80 million during the quarter, compared to analyst estimates of $153.87 million. During the same quarter last year, the business posted ($0.31) EPS. The firm's revenue for the quarter was up 5.6% on a year-over-year basis. Analysts anticipate that NovoCure will post -1.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NovoCure

A number of hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. raised its position in shares of NovoCure by 17.1% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,307 shares of the medical equipment provider's stock valued at $77,000 after buying an additional 629 shares during the last quarter. Summit Investment Advisors Inc. raised its position in shares of NovoCure by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,141 shares of the medical equipment provider's stock valued at $332,000 after buying an additional 708 shares during the last quarter. GeoWealth Management LLC acquired a new stake in shares of NovoCure in the fourth quarter valued at about $27,000. KLP Kapitalforvaltning AS raised its position in shares of NovoCure by 6.5% in the second quarter. KLP Kapitalforvaltning AS now owns 23,000 shares of the medical equipment provider's stock valued at $409,000 after buying an additional 1,400 shares during the last quarter. Finally, AdvisorNet Financial Inc raised its position in shares of NovoCure by 16.7% in the first quarter. AdvisorNet Financial Inc now owns 10,466 shares of the medical equipment provider's stock valued at $187,000 after buying an additional 1,500 shares during the last quarter. 84.61% of the stock is currently 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.