HC Wainwright Trims NovoCure (NASDAQ:NVCR) Target Price to $22.00

NovoCure (NASDAQ:NVCR) had its target price trimmed by HC Wainwright from $24.00 to $22.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a neutral rating on the medical equipment provider’s stock.

NVCR has been the topic of several other reports. Evercore ISI lifted their price target on NovoCure from $14.00 to $15.00 and gave the company an in-line rating in a research report on Friday, February 23rd. Piper Sandler reissued an overweight rating and issued a $28.00 price target (up from $25.00) on shares of NovoCure in a report on Wednesday, April 10th. Wells Fargo & Company lowered their price objective on shares of NovoCure from $49.00 to $42.00 and set an overweight rating on the stock in a research note on Wednesday, April 3rd. Wedbush reissued a neutral rating and set a $21.00 target price on shares of NovoCure in a research note on Wednesday, March 27th. Finally, JPMorgan Chase & Co. raised their target price on shares of NovoCure from $15.00 to $17.00 and gave the stock a neutral rating in a report on Tuesday, March 19th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, NovoCure presently has a consensus rating of Moderate Buy and an average price target of $30.88.

NovoCure Stock Performance

Shares of NASDAQ NVCR opened at $14.78 on Thursday. NovoCure has a 12-month low of $10.87 and a 12-month high of $83.60. The company has a market cap of $1.59 billion, a PE ratio of -8.17 and a beta of 0.50. The stock has a 50 day simple moving average of $14.20 and a 200-day simple moving average of $13.85. The company has a current ratio of 5.78, a quick ratio of 5.56 and a debt-to-equity ratio of 1.57.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.07. The company had revenue of $138.50 million during the quarter, compared to analyst estimates of $131.44 million. NovoCure had a negative return on equity of 49.34% and a negative net margin of 36.67%. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.50) EPS. On average, equities research analysts forecast that NovoCure will post -1.78 EPS for the current year.

Insider Buying and Selling

In other NovoCure news, EVP Frank X. Leonard sold 1,679 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $16.03, for a total transaction of $26,914.37. Following the sale, the executive vice president now directly owns 160,938 shares of the company’s stock, valued at approximately $2,579,836.14. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other NovoCure news, EVP Frank X. Leonard sold 1,679 shares of NovoCure stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $16.03, for a total transaction of $26,914.37. Following the transaction, the executive vice president now owns 160,938 shares of the company’s stock, valued at approximately $2,579,836.14. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Frank X. Leonard sold 2,078 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $16.14, for a total transaction of $33,538.92. Following the completion of the sale, the executive vice president now directly owns 162,617 shares of the company’s stock, valued at $2,624,638.38. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,921 shares of company stock valued at $127,161. Company insiders own 5.67% of the company’s stock.

Institutional Investors Weigh In On NovoCure

A number of institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in NovoCure in the fourth quarter worth $14,543,000. Federated Hermes Inc. boosted its stake in shares of NovoCure by 807.8% during the 4th quarter. Federated Hermes Inc. now owns 616,792 shares of the medical equipment provider’s stock worth $9,209,000 after acquiring an additional 548,852 shares in the last quarter. Invenomic Capital Management LP acquired a new position in shares of NovoCure during the 4th quarter valued at about $6,479,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of NovoCure by 490.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 408,839 shares of the medical equipment provider’s stock valued at $6,603,000 after acquiring an additional 339,610 shares in the last quarter. Finally, C WorldWide Group Holding A S lifted its holdings in NovoCure by 135.3% in the 4th quarter. C WorldWide Group Holding A S now owns 521,784 shares of the medical equipment provider’s stock worth $7,790,000 after purchasing an additional 300,000 shares during the last quarter. Institutional investors and hedge funds 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.