Wedbush Reaffirms Neutral Rating for NovoCure (NASDAQ:NVCR)

NovoCure (NASDAQ:NVCR)‘s stock had its “neutral” rating reiterated by equities researchers at Wedbush in a research report issued to clients and investors on Monday,RTT News reports. They currently have a $29.00 price objective on the medical equipment provider’s stock, up from their previous price objective of $24.00. Wedbush’s price objective points to a potential downside of 2.85% from the stock’s current price.

NVCR has been the subject of a number of other research reports. Evercore ISI raised shares of NovoCure from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $18.00 to $30.00 in a report on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 price target (up from $30.00) on shares of NovoCure in a report on Monday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $30.33.

NovoCure Stock Up 49.0 %

Shares of NASDAQ NVCR traded up $9.81 during mid-day trading on Monday, reaching $29.85. 12,154,064 shares of the company were exchanged, compared to its average volume of 1,320,624. NovoCure has a 1 year low of $11.66 and a 1 year high of $31.57. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of -21.32 and a beta of 0.71. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $16.91 and a 200 day moving average of $18.45.

NovoCure (NASDAQ:NVCR) last announced its 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 analyst estimates 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 quarterly revenue was up 21.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.46) EPS. On average, research analysts expect that NovoCure will post -1.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NVCR. Tidal Investments LLC purchased a new position in NovoCure during the first quarter worth approximately $695,000. CWM LLC grew its holdings in shares of NovoCure by 182.3% in the second quarter. CWM LLC now owns 5,281 shares of the medical equipment provider’s stock valued at $90,000 after purchasing an additional 3,410 shares during the period. AdvisorNet Financial Inc increased its position in NovoCure by 45.5% during the second quarter. AdvisorNet Financial Inc now owns 8,000 shares of the medical equipment provider’s stock worth $137,000 after purchasing an additional 2,500 shares during the last quarter. Nisa Investment Advisors LLC purchased a new position in NovoCure during the second quarter worth about $48,000. Finally, Fifth Third Bancorp acquired a new position in NovoCure in the 2nd quarter valued at about $43,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.