NovoCure (NASDAQ:NVCR) Shares Gap Up – Should You Buy?

NovoCure Limited (NASDAQ:NVCR)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $11.74, but opened at $12.56. NovoCure shares last traded at $14.2420, with a volume of 929,350 shares changing hands.

Analyst Ratings Changes

A number of brokerages have issued reports on NVCR. Wedbush reissued a “neutral” rating and issued a $18.00 target price on shares of NovoCure in a report on Thursday, January 15th. Weiss Ratings reissued a “sell (e+)” rating on shares of NovoCure in a report on Thursday, January 22nd. Evercore set a $20.00 price objective on NovoCure in a research note on Monday, January 5th. Finally, HC Wainwright raised their target price on NovoCure from $39.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, February 12th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, NovoCure has a consensus rating of “Hold” and an average price target of $26.64.

NovoCure Trading Up 30.8%

The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of -9.54 and a beta of 0.73. The company has a quick ratio of 1.50, a current ratio of 1.55 and a debt-to-equity ratio of 0.57. The firm’s 50 day moving average is $12.64 and its 200 day moving average is $12.61.

Institutional Investors Weigh In On NovoCure

Several hedge funds have recently modified their holdings of NVCR. Morgan Stanley increased its stake in NovoCure by 453.4% in the 4th quarter. Morgan Stanley now owns 5,069,895 shares of the medical equipment provider’s stock worth $65,554,000 after purchasing an additional 4,153,741 shares in the last quarter. Soleus Capital Management L.P. boosted its holdings in shares of NovoCure by 25.0% in the second quarter. Soleus Capital Management L.P. now owns 6,904,302 shares of the medical equipment provider’s stock worth $122,897,000 after buying an additional 1,382,888 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of NovoCure by 1,093.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,223,755 shares of the medical equipment provider’s stock worth $15,823,000 after acquiring an additional 1,121,192 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of NovoCure by 1,354.7% during the second quarter. American Century Companies Inc. now owns 1,029,874 shares of the medical equipment provider’s stock valued at $18,332,000 after acquiring an additional 959,079 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of NovoCure during the fourth quarter valued at approximately $11,991,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

NovoCure Company Profile

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.