Zacks Investment Research upgraded shares of Novocure (NASDAQ:NVCR) from a hold rating to a buy rating in a research report released on Wednesday morning. Zacks Investment Research currently has $23.00 target price on the medical equipment provider’s stock.
According to Zacks, “NovoCure Limited is an oncology company. The Company is engaged in developing a therapy called Tumor Treating Fields for the treatment of solid tumor cancers. It operates primarily in the United States, Germany, Switzerland and Japan. NovoCure Limited is based in Saint Helier, Channel Islands. “
A number of other brokerages have also recently commented on NVCR. ValuEngine raised Novocure from a sell rating to a hold rating in a research report on Sunday. Mizuho reaffirmed a buy rating and set a $25.00 price target on shares of Novocure in a research report on Friday, December 1st. JPMorgan Chase & Co. reaffirmed a buy rating on shares of Novocure in a research report on Monday, November 20th. Finally, Wedbush reaffirmed an outperform rating and set a $25.00 price target (down previously from $29.00) on shares of Novocure in a research report on Friday, October 27th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $21.13.
Novocure (NASDAQ:NVCR) last issued its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported ($0.13) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.07. Novocure had a negative return on equity of 57.68% and a negative net margin of 47.45%. The company had revenue of $50.10 million during the quarter, compared to analysts’ expectations of $43.45 million. During the same quarter in the previous year, the firm posted ($0.39) EPS. The firm’s revenue was up 130.9% compared to the same quarter last year. equities research analysts predict that Novocure will post -0.65 EPS for the current fiscal year.
In other news, insider Eilon D. Kirson sold 22,269 shares of the business’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $22.01, for a total value of $490,140.69. Following the completion of the transaction, the insider now owns 63,120 shares of the company’s stock, valued at approximately $1,389,271.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Asaf Danziger sold 15,866 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $22.01, for a total value of $349,210.66. Following the completion of the transaction, the chief executive officer now directly owns 774,040 shares of the company’s stock, valued at approximately $17,036,620.40. The disclosure for this sale can be found here. In the last three months, insiders sold 226,281 shares of company stock valued at $4,657,207. Insiders own 16.70% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Gotham Asset Management LLC acquired a new position in shares of Novocure in the 2nd quarter valued at about $534,000. ETF Managers Group LLC acquired a new position in shares of Novocure in the 2nd quarter valued at about $408,000. Russell Investments Group Ltd. acquired a new position in shares of Novocure in the 2nd quarter valued at about $362,000. Wells Fargo & Company MN lifted its holdings in shares of Novocure by 26.7% in the 2nd quarter. Wells Fargo & Company MN now owns 45,619 shares of the medical equipment provider’s stock valued at $789,000 after buying an additional 9,600 shares during the period. Finally, Sei Investments Co. acquired a new position in shares of Novocure in the 3rd quarter valued at about $397,000. 41.53% of the stock is owned by institutional investors and hedge funds.
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Novocure Company Profile
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.
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