NovoCure’s (NVCR) Buy Rating Reiterated at HC Wainwright

NovoCure (NASDAQ:NVCR)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They currently have a $38.00 price objective on the medical equipment provider’s stock, up from their prior price objective of $30.00. HC Wainwright’s price objective suggests a potential upside of 36.30% from the company’s previous close.

Separately, Evercore ISI raised NovoCure from an “in-line” rating to an “outperform” rating and raised their price target for the company from $18.00 to $30.00 in a research report on Monday. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.50.

NovoCure Stock Up 39.1 %

NovoCure stock traded up $7.84 during mid-day trading on Monday, hitting $27.88. 6,139,191 shares of the company’s stock were exchanged, compared to its average volume of 1,291,769. The stock has a market cap of $3.02 billion, a P/E ratio of -19.91 and a beta of 0.71. The stock has a 50 day moving average of $16.65 and a two-hundred day moving average of $18.39. NovoCure has a 1-year low of $11.66 and a 1-year high of $28.45. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.06. The company had revenue of $155.10 million for the quarter, compared to the consensus estimate of $143.95 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The firm’s revenue was up 21.8% compared to the same quarter last year. During the same period last year, the business posted ($0.46) earnings per share. As a group, analysts anticipate that NovoCure will post -1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ridgewood Investments LLC bought a new position in shares of NovoCure in the second quarter valued at approximately $28,000. Signaturefd LLC raised its stake in shares of NovoCure by 61.7% in the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 627 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of NovoCure in the second quarter valued at approximately $34,000. Fifth Third Bancorp bought a new position in NovoCure in the 2nd quarter worth approximately $43,000. Finally, Brooklyn Investment Group bought a new position in NovoCure in the 3rd quarter worth approximately $45,000. Institutional investors own 84.61% of the company’s stock.

NovoCure Company Profile

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.