NovoCure Limited (NASDAQ:NVCR – Get Rating) declined ahead of Friday trading. The stock had previously closed at $118.81 but opened at $111.35. NovoCure shares were last traded at $112.55 on a volume of 8,812 shares changing hands.
Analysts set new price targets
Several brokerage firms have recently commented on NVCR. Piper Sandler downgraded shares of NovoCure from an “overweight” rating to a “neutral” rating and lowered the company’s price target to $70.00 from $90.00 in a research report on Monday, October 24 . JPMorgan Chase & Co. raised its price target on NovoCure shares to $99.00 from $86.00 and gave the company a “neutral” rating in a research note on Friday. HC Wainwright raised his target price on NovoCure shares to $140.00 from $100.00 and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Company downgraded NovoCure from an “overweight” rating to a “balance” rating in a research report on Friday and raised its price target on the stock to $107.00 from $89.00. Finally, Truist Financial lowered its price target on NovoCure to $102.00 from $105.00 and gave the company a “buy” rating in a research note on Friday, October 28. One equities research analyst has rated the stock with a sell rating, four with a hold rating and four with a buy rating. According to data from MarketBeat.com, NovoCure currently has a consensus rating of Hold and an average target price of $108.88.
NovoCure value for money
The company has a gearing ratio of 1.27, a current ratio of 7.81 and a quick ratio of 7.62. The company has a market cap of $11.44 billion, a P/E of -141.61 and a beta of 0.78. The stock’s 50-day simple moving average is $76.52 and its 200-day simple moving average is $76.72.
NovoCure (NASDAQ:NVCR – Get Rating) last released its quarterly earnings results on Thursday, October 27th. The medical equipment maker reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.05. The company had revenue of $131.00 million for the quarter compared to the consensus estimate of $134.83 million. NovoCure had a negative return on equity of 18.85% and a negative net margin of 15.05%. On average, equity analysts are forecasting that NovoCure Limited will report earnings per share of -0.84 for the current fiscal year.
Insider transactions at NovoCure
In other news from NovoCure, insider Frank X. Leonard sold 6,754 shares of the stock in one transaction on Thursday, October 13. The shares sold at an average price of $76.01 for a total value of $513,371.54. Following the closing of the sale, the insider now directly owns 43,626 shares of the company’s stock valued at approximately $3,316,012.26. The sale was disclosed in a legal filing with the SEC, which is available through the SEC’s website. 6.22% of the shares are currently owned by company insiders.
Institutional Trading by NovoCure
Several institutional investors recently changed their holdings in the company. Vanguard Group Inc. increased its position in NovoCure by 1.6% in the third quarter. Vanguard Group Inc. now owns 8,238,835 shares of the medical device maker valued at $625,986,000 after purchasing an additional 129,096 shares during the period. BlackRock Inc. increased its stake in NovoCure by 0.6% in the third quarter. BlackRock Inc. now owns 7,379,945 shares of the medical device maker worth $560,727,000 after purchasing an additional 46,794 shares last quarter. Price T Rowe Associates Inc. MD increased its stake in NovoCure by 1.7% in the third quarter. Price T. Rowe Associates Inc. MD now owns 2,371,986 shares of the medical device company valued at $180,225,000 after purchasing an additional 40,619 shares during the period. Deep Track Capital LP increased its stake in NovoCure by 81.8% in the first quarter. Deep Track Capital LP now owns 1,000,000 shares of the medical device company valued at $82,850,000 after purchasing an additional 450,000 shares during the period. Finally, Northern Trust Corp increased its stake in NovoCure by 0.5% in the first quarter. Northern Trust Corp now owns 637,237 shares of the medical device maker, valued at $52,795,000, after purchasing an additional 3,006 shares during the period. Institutional investors and hedge funds own 78.42% of the company’s shares.
NovoCure Limited, an oncology company, is engaged in the development, manufacture and marketing of TTFields (Tumor Treating Fields) devices for the treatment of solid tumors in the United States, Europe, the Middle East, Africa, Japan and Greater China. Its TTFields devices include Optune for the treatment of glioblastoma; and Optune Lua for the treatment of malignant pleural mesothelioma.
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