NovoCure (NASDAQ:NVCR) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of NovoCure (NASDAQ:NVCR) from a strong sell rating to a hold rating in a research note issued to investors on Friday morning, Zacks.com reports.

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 also recently issued reports on NVCR. Wells Fargo & Company cut their price objective on shares of NovoCure from $105.00 to $70.00 and set an equal weight rating on the stock in a research report on Tuesday. Piper Sandler cut their price objective on shares of NovoCure from $180.00 to $130.00 and set an overweight rating on the stock in a research report on Thursday, January 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, NovoCure has a consensus rating of Hold and a consensus price target of $155.43.

NASDAQ NVCR opened at $69.12 on Friday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 8.40 and a current ratio of 8.58. The company has a market capitalization of $7.18 billion, a price-to-earnings ratio of -256.00 and a beta of 0.89. The company’s 50-day simple moving average is $88.94 and its two-hundred day simple moving average is $124.41. NovoCure has a one year low of $60.57 and a one year high of $232.76.

NovoCure (NASDAQ:NVCR) last posted its earnings results on Thursday, October 28th. The medical equipment provider reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). NovoCure had a negative net margin of 4.94% and a negative return on equity of 6.50%. The business had revenue of $133.61 million for the quarter, compared to analysts’ expectations of $141.22 million. During the same period last year, the business posted $0.09 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. Equities analysts expect that NovoCure will post -0.41 earnings per share for the current fiscal year.

In related news, CEO Asaf Danziger bought 4,974 shares of the company’s stock in a transaction on Friday, November 26th. The shares were bought at an average price of $102.44 per share, with a total value of $509,536.56. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.07% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in NVCR. Lumature Wealth Partners LLC acquired a new stake in NovoCure during the 3rd quarter valued at approximately $26,000. Harvest Fund Management Co. Ltd acquired a new stake in NovoCure during the 2nd quarter valued at approximately $29,000. Northwestern Mutual Wealth Management Co. acquired a new stake in NovoCure during the 2nd quarter valued at approximately $32,000. Cullen Frost Bankers Inc. acquired a new stake in NovoCure during the 3rd quarter valued at approximately $35,000. Finally, CI Investments Inc. acquired a new stake in NovoCure during the 3rd quarter valued at approximately $45,000. Institutional investors and hedge funds own 73.81% of the company’s stock.

NovoCure Company Profile

NovoCure Ltd. develops treatment for tumors. Its platform is called the Tumor Treating Field which used electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. The company was founded by Yoram Palti in 2000 and is headquartered in St. Helier, Jersey.

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Analyst Recommendations for NovoCure (NASDAQ:NVCR)

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