Mizuho Reaffirms “Buy” Rating for Novocure (NVCR)

Novocure (NASDAQ:NVCR)‘s stock had its “buy” rating restated by stock analysts at Mizuho in a research report issued on Friday. They currently have a $58.00 price objective on the medical equipment provider’s stock. Mizuho’s price objective indicates a potential upside of 28.77% from the company’s current price.

The analysts wrote, “We provide additional details on the LCD reconsideration process below and on page 2.””

Other research analysts have also issued research reports about the stock. BidaskClub lowered shares of Novocure from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 22nd. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Novocure in a research note on Sunday, September 16th. Wells Fargo & Co reiterated a “buy” rating on shares of Novocure in a report on Thursday, September 13th. Zacks Investment Research upgraded shares of Novocure from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Tuesday, October 9th. Finally, Deutsche Bank downgraded shares of Novocure from a “buy” rating to a “hold” rating in a report on Wednesday, July 25th. They noted that the move was a valuation call. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Novocure currently has an average rating of “Buy” and a consensus price target of $49.57.

Shares of NVCR opened at $45.04 on Friday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 5.97 and a current ratio of 6.41. Novocure has a twelve month low of $16.90 and a twelve month high of $53.70. The company has a market capitalization of $4.22 billion, a price-to-earnings ratio of -64.34 and a beta of 3.30.

Novocure (NASDAQ:NVCR) last announced its quarterly earnings results on Thursday, July 26th. The medical equipment provider reported ($0.17) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.01). Novocure had a negative net margin of 26.99% and a negative return on equity of 52.34%. The company had revenue of $61.50 million during the quarter, compared to the consensus estimate of $59.53 million. The firm’s quarterly revenue was up 60.2% compared to the same quarter last year. Analysts anticipate that Novocure will post -0.7 earnings per share for the current year.

In other news, CFO Wilhelmus Cm Groenhuysen sold 62,727 shares of Novocure stock in a transaction that occurred on Friday, July 27th. The shares were sold at an average price of $35.08, for a total value of $2,200,463.16. Following the sale, the chief financial officer now directly owns 175,602 shares in the company, valued at $6,160,118.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Yoram Palti sold 12,216 shares of the business’s stock in a transaction on Friday, August 24th. The stock was sold at an average price of $40.00, for a total transaction of $488,640.00. The disclosure for this sale can be found here. Insiders sold 198,518 shares of company stock worth $7,543,993 over the last quarter. 15.30% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of NVCR. Wells Fargo & Company MN increased its holdings in Novocure by 51.9% during the first quarter. Wells Fargo & Company MN now owns 100,057 shares of the medical equipment provider’s stock worth $2,181,000 after buying an additional 34,208 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Novocure by 3.5% during the first quarter. Schwab Charles Investment Management Inc. now owns 102,600 shares of the medical equipment provider’s stock worth $2,237,000 after buying an additional 3,500 shares during the last quarter. California Public Employees Retirement System acquired a new position in Novocure during the first quarter worth $1,877,000. Principal Financial Group Inc. increased its holdings in Novocure by 10.1% during the first quarter. Principal Financial Group Inc. now owns 44,849 shares of the medical equipment provider’s stock worth $978,000 after buying an additional 4,106 shares during the last quarter. Finally, UBS Group AG increased its holdings in Novocure by 379.2% during the first quarter. UBS Group AG now owns 9,809 shares of the medical equipment provider’s stock worth $214,000 after buying an additional 7,762 shares during the last quarter. Institutional investors and hedge funds own 56.03% of the company’s stock.

About Novocure

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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Analyst Recommendations for Novocure (NASDAQ:NVCR)

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