NovoCure (NASDAQ:NVCR) Hits New 12-Month Low – What’s Next?

NovoCure Limited (NASDAQ:NVCR)’s stock price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $10.79 and last traded at $11.0450, with a volume of 205171 shares trading hands. The stock had previously closed at $11.27.

Analysts Set New Price Targets

A number of research firms have recently commented on NVCR. JPMorgan Chase & Co. dropped their price objective on NovoCure from $25.00 to $23.00 and set a “neutral” rating on the stock in a research note on Monday, October 27th. Wells Fargo & Company reissued an “equal weight” rating and issued a $14.50 price objective (down from $40.00) on shares of NovoCure in a research report on Friday, July 25th. Wedbush reaffirmed a “neutral” rating and set a $18.00 target price on shares of NovoCure in a research report on Tuesday, September 30th. Weiss Ratings reissued a “sell (e+)” rating on shares of NovoCure in a report on Wednesday, October 8th. Finally, HC Wainwright raised their price target on shares of NovoCure from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, NovoCure presently has a consensus rating of “Hold” and an average price target of $27.36.

NovoCure Trading Down 3.7%

The company has a market cap of $1.21 billion, a price-to-earnings ratio of -6.74 and a beta of 0.80. The company has a current ratio of 1.55, a quick ratio of 1.50 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average price is $13.10 and its 200-day moving average price is $14.94.

NovoCure (NASDAQ:NVCR) last announced its earnings results on Thursday, October 30th. The medical equipment provider reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.09. The firm had revenue of $167.20 million for the quarter, compared to analyst estimates of $158.81 million. NovoCure had a negative net margin of 27.66% and a negative return on equity of 50.29%. The business’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.28) EPS. On average, equities analysts anticipate that NovoCure Limited will post -1.3 EPS for the current fiscal year.

Insider Transactions at NovoCure

In other NovoCure news, CEO Ashley Cordova purchased 81,550 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was acquired at an average price of $12.22 per share, for a total transaction of $996,541.00. Following the purchase, the chief executive officer owned 437,569 shares of the company’s stock, valued at $5,347,093.18. This trade represents a 22.91% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.52% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NovoCure

A number of institutional investors and hedge funds have recently bought and sold shares of NVCR. Mirae Asset Global Investments Co. Ltd. grew its holdings in NovoCure by 17.1% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,307 shares of the medical equipment provider’s stock worth $77,000 after acquiring an additional 629 shares during the last quarter. Arizona State Retirement System grew its position in shares of NovoCure by 3.0% in the 3rd quarter. Arizona State Retirement System now owns 31,313 shares of the medical equipment provider’s stock worth $405,000 after buying an additional 916 shares during the last quarter. KLP Kapitalforvaltning AS raised its holdings in shares of NovoCure by 6.5% during the second quarter. KLP Kapitalforvaltning AS now owns 23,000 shares of the medical equipment provider’s stock valued at $409,000 after acquiring an additional 1,400 shares in the last quarter. Rhumbline Advisers lifted its stake in NovoCure by 1.2% in the second quarter. Rhumbline Advisers now owns 152,749 shares of the medical equipment provider’s stock worth $2,719,000 after acquiring an additional 1,797 shares during the period. Finally, Choreo LLC boosted its holdings in NovoCure by 15.0% in the second quarter. Choreo LLC now owns 15,247 shares of the medical equipment provider’s stock valued at $271,000 after acquiring an additional 1,994 shares in the last quarter. 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.