Analysts Set NovoCure Limited (NASDAQ:NVCR) Price Target at $26.17

Shares of NovoCure Limited (NASDAQ:NVCR) have earned an average recommendation of “Moderate Buy” from the six research firms that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $26.17.

A number of equities analysts have recently issued reports on NVCR shares. HC Wainwright upgraded NovoCure from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $24.00 to $30.00 in a report on Wednesday, October 16th. Wells Fargo & Company cut their target price on NovoCure from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Wedbush reissued an “outperform” rating and set a $24.00 price target on shares of NovoCure in a research note on Thursday, July 25th. Finally, Evercore ISI reduced their target price on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating on the stock in a report on Tuesday, October 1st.

NovoCure Price Performance

Shares of NovoCure stock opened at $16.37 on Tuesday. The company has a current ratio of 6.46, a quick ratio of 6.22 and a debt-to-equity ratio of 1.81. NovoCure has a 1 year low of $10.87 and a 1 year high of $24.74. The company has a 50 day simple moving average of $16.95 and a two-hundred day simple moving average of $17.79.

NovoCure (NASDAQ:NVCR) last posted its quarterly earnings data on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.09. NovoCure had a negative net margin of 30.67% and a negative return on equity of 45.68%. The company had revenue of $150.40 million during the quarter, compared to the consensus estimate of $135.83 million. During the same period in the previous year, the firm posted ($0.54) EPS. The firm’s revenue was up 19.3% compared to the same quarter last year. As a group, research analysts anticipate that NovoCure will post -1.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NovoCure

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ridgewood Investments LLC purchased a new position in shares of NovoCure in the second quarter valued at about $28,000. Signaturefd LLC grew 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 worth $28,000 after purchasing an additional 627 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in NovoCure during the 2nd quarter valued at about $34,000. Fifth Third Bancorp bought a new position in NovoCure during the 2nd quarter valued at approximately $43,000. Finally, GAMMA Investing LLC lifted its holdings in NovoCure by 278.0% in the 1st quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock worth $45,000 after buying an additional 2,118 shares during the period. 84.61% of the stock is currently owned by 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.