JPMorgan Chase & Co. Lowers NovoCure (NASDAQ:NVCR) Price Target to $28.00

NovoCure (NASDAQ:NVCR) had its price target cut by JPMorgan Chase & Co. from $29.00 to $28.00 in a research report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the medical equipment provider’s stock.

A number of other research analysts have also issued reports on the stock. StockNews.com lowered shares of NovoCure from a “hold” rating to a “sell” rating in a research report on Wednesday. HC Wainwright reissued a “buy” rating and set a $38.00 price target on shares of NovoCure in a research report on Tuesday, January 14th. Piper Sandler raised their price objective on NovoCure from $28.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Finally, Wedbush reiterated a “neutral” rating and set a $29.00 target price on shares of NovoCure in a research report on Monday, January 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $34.50.

NovoCure Stock Performance

NASDAQ:NVCR opened at $16.50 on Thursday. The stock has a 50 day simple moving average of $19.59 and a 200 day simple moving average of $21.56. The stock has a market cap of $1.81 billion, a P/E ratio of -11.79 and a beta of 0.65. NovoCure has a 1-year low of $11.70 and a 1-year high of $34.13. 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 posted its earnings results on Thursday, February 27th. The medical equipment provider reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.27). NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The firm had revenue of $161.27 million for the quarter, compared to analyst estimates of $161.30 million. Research analysts anticipate that NovoCure will post -1.3 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

A number of large investors have recently modified their holdings of the business. Capital International Investors raised its holdings in shares of NovoCure by 12.0% during the 4th quarter. Capital International Investors now owns 8,873,902 shares of the medical equipment provider’s stock worth $264,442,000 after buying an additional 951,141 shares in the last quarter. Capital World Investors raised its stake in NovoCure by 11.8% during the fourth quarter. Capital World Investors now owns 4,815,529 shares of the medical equipment provider’s stock worth $143,503,000 after acquiring an additional 507,311 shares in the last quarter. Soleus Capital Management L.P. acquired a new position in NovoCure during the fourth quarter worth about $81,643,000. Geode Capital Management LLC lifted its holdings in shares of NovoCure by 1.3% in the third quarter. Geode Capital Management LLC now owns 2,405,257 shares of the medical equipment provider’s stock worth $37,601,000 after acquiring an additional 29,871 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of NovoCure by 39.1% in the 4th quarter. Northern Trust Corp now owns 1,284,350 shares of the medical equipment provider’s stock valued at $38,274,000 after purchasing an additional 360,841 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.