Wedbush reissued their outperform rating on shares of NovoCure Limited (NASDAQ:NVCR) in a research report released on Friday, October 27th. Wedbush currently has a $25.00 price target on the medical equipment provider’s stock, down from their previous price target of $29.00.
A number of other analysts have also commented on NVCR. Deutsche Bank AG reissued a hold rating and set a $19.00 price objective (up from $18.00) on shares of NovoCure Limited in a report on Monday, July 17th. BidaskClub lowered NovoCure Limited from a strong-buy rating to a buy rating in a report on Wednesday, July 19th. Zacks Investment Research downgraded NovoCure Limited from a buy rating to a hold rating in a research note on Tuesday, August 1st. Finally, Mizuho assumed coverage on NovoCure Limited in a research note on Wednesday, September 6th. They issued a buy rating and a $25.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $21.00.
NovoCure Limited (NASDAQ:NVCR) opened at $17.05 on Friday. NovoCure Limited has a twelve month low of $6.00 and a twelve month high of $22.30. The company has a quick ratio of 5.30, a current ratio of 5.90 and a debt-to-equity ratio of 0.83.
NovoCure Limited (NASDAQ:NVCR) last issued its earnings results on Thursday, October 26th. The medical equipment provider reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.07. NovoCure Limited had a negative return on equity of 57.68% and a negative net margin of 47.45%. The business had revenue of $50.10 million during the quarter, compared to analyst estimates of $43.45 million. During the same period in the previous year, the company posted ($0.39) EPS. The firm’s revenue was up 130.9% compared to the same quarter last year. analysts predict that NovoCure Limited will post -0.63 earnings per share for the current year.
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In other news, CEO Asaf Danziger sold 35,500 shares of the company’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $22.01, for a total value of $781,355.00. Following the transaction, the chief executive officer now owns 776,862 shares of the company’s stock, valued at $17,098,732.62. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Yoram Palti sold 30,000 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $17.13, for a total transaction of $513,900.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 299,953 shares of company stock worth $6,278,763. Company insiders own 16.70% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can increased its holdings in shares of NovoCure Limited by 1,919.7% in the second quarter. Bank of Montreal Can now owns 7,069 shares of the medical equipment provider’s stock worth $122,000 after purchasing an additional 6,719 shares during the period. BNP Paribas Arbitrage SA increased its stake in NovoCure Limited by 792.5% in the second quarter. BNP Paribas Arbitrage SA now owns 7,229 shares of the medical equipment provider’s stock valued at $125,000 after acquiring an additional 6,419 shares during the last quarter. Nisa Investment Advisors LLC bought a new position in NovoCure Limited in the second quarter valued at $126,000. Trexquant Investment LP bought a new position in NovoCure Limited in the third quarter valued at $212,000. Finally, Fox Run Management L.L.C. bought a new position in NovoCure Limited in the second quarter valued at $225,000. 36.21% of the stock is currently owned by hedge funds and other institutional investors.
About NovoCure Limited
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.
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