NovoCure (NASDAQ:NVCR – Get Free Report) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday, Wall Street Zen reports.
A number of other research analysts have also commented on the stock. JPMorgan Chase & Co. initiated coverage on shares of NovoCure in a research note on Monday, July 13th. They issued a “neutral” rating and a $17.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of NovoCure in a report on Thursday, August 27th. Wedbush raised their price objective on shares of NovoCure from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Zacks Research upgraded shares of NovoCure from a “strong sell” rating to a “hold” rating in a research report on Friday, July 24th. Finally, HC Wainwright set a $32.00 price objective on NovoCure in a report on Friday, July 24th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $21.20.
Read Our Latest Stock Report on NovoCure
NovoCure Price Performance
NovoCure (NASDAQ:NVCR – Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The medical equipment provider reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.20. The company had revenue of $183.58 million for the quarter, compared to analyst estimates of $172.44 million. NovoCure had a negative net margin of 21.25% and a negative return on equity of 44.00%. The company’s revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.36) earnings per share. Equities analysts expect that NovoCure will post -1.21 earnings per share for the current year.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC increased its position in NovoCure by 196.4% during the third quarter. Elevation Wealth Partners LLC now owns 1,731 shares of the medical equipment provider’s stock worth $28,000 after acquiring an additional 1,147 shares during the period. First Bancorp Inc ME acquired a new stake in NovoCure in the 2nd quarter worth about $38,000. Allworth Financial LP raised its stake in NovoCure by 182.0% in the 2nd quarter. Allworth Financial LP now owns 2,721 shares of the medical equipment provider’s stock worth $41,000 after purchasing an additional 1,756 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in NovoCure in the 2nd quarter valued at about $84,000. Finally, Venturi Wealth Management LLC bought a new stake in NovoCure in the 1st quarter valued at about $123,000. Institutional investors own 84.61% of the company’s stock.
About NovoCure
NovoCure Ltd. (NASDAQ: NVCR) is an oncology company focused on developing and commercializing Tumor Treating Fields (TTFields), a non-invasive cancer treatment that uses low-intensity alternating electric fields to disrupt the division of tumor cells. The company’s technology is designed to be delivered through wearable systems that generate fields at specific frequencies and intensities.
NovoCure’s primary products include Optune Gio, marketed in the United States for certain adults with glioblastoma, and Optune Lua, approved in the United States for use with standard chemotherapy in adults with unresectable, locally advanced or metastatic malignant pleural mesothelioma.
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