NovoCure Limited (NASDAQ:NVCR)‘s stock had its “hold” rating reaffirmed by equities research analysts at Deutsche Bank AG in a research note issued to investors on Monday, July 17th. They currently have a $19.00 price objective on the medical equipment provider’s stock, up from their previous price objective of $18.00. Deutsche Bank AG’s price target indicates a potential upside of 2.70% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on the stock. J P Morgan Chase & Co restated a “buy” rating and issued a $14.00 target price on shares of NovoCure Limited in a report on Monday, May 1st. Aegis restated a “buy” rating and issued a $14.00 target price on shares of NovoCure Limited in a report on Tuesday, April 18th. Zacks Investment Research cut shares of NovoCure Limited from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of NovoCure Limited in a report on Friday, April 7th. Finally, Wells Fargo & Co upgraded shares of NovoCure Limited from a “market perform” rating to an “outperform” rating and set a $15.00 price target on the stock in a research note on Wednesday, May 24th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $19.29.
Shares of NovoCure Limited (NASDAQ:NVCR) opened at 18.50 on Monday. The company has a 50 day moving average of $17.97 and a 200-day moving average of $11.61. The company’s market cap is $1.65 billion. NovoCure Limited has a 12-month low of $5.95 and a 12-month high of $21.75.
NovoCure Limited (NASDAQ:NVCR) last issued its earnings results on Thursday, July 27th. The medical equipment provider reported ($0.24) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by $0.01. NovoCure Limited had a negative return on equity of 69.48% and a negative net margin of 75.91%. The company had revenue of $38.38 million during the quarter, compared to analysts’ expectations of $42.20 million. Equities research analysts anticipate that NovoCure Limited will post ($0.75) earnings per share for the current year.
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In other news, insider Eilon D. Kirson sold 20,956 shares of the firm’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $15.03, for a total transaction of $314,968.68. Following the sale, the insider now directly owns 319,083 shares in the company, valued at approximately $4,795,817.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Yoram Palti sold 3,825 shares of the firm’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $13.82, for a total transaction of $52,861.50. The disclosure for this sale can be found here. Insiders have sold a total of 2,297,522 shares of company stock worth $38,857,372 over the last 90 days. Insiders own 16.70% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Creative Planning increased its stake in shares of NovoCure Limited by 32.1% in the first quarter. Creative Planning now owns 16,857 shares of the medical equipment provider’s stock worth $137,000 after buying an additional 4,100 shares in the last quarter. Macquarie Group Ltd. increased its stake in shares of NovoCure Limited by 18.4% in the fourth quarter. Macquarie Group Ltd. now owns 98,087 shares of the medical equipment provider’s stock worth $770,000 after buying an additional 15,218 shares in the last quarter. River & Mercantile Asset Management LLP bought a new stake in shares of NovoCure Limited during the first quarter worth about $937,000. Teachers Advisors LLC increased its stake in shares of NovoCure Limited by 21.2% in the fourth quarter. Teachers Advisors LLC now owns 95,674 shares of the medical equipment provider’s stock worth $751,000 after buying an additional 16,741 shares in the last quarter. Finally, American International Group Inc. increased its stake in shares of NovoCure Limited by 7.1% in the first quarter. American International Group Inc. now owns 31,191 shares of the medical equipment provider’s stock worth $253,000 after buying an additional 2,065 shares in the last quarter. Institutional investors own 25.20% of the company’s stock.
About NovoCure Limited
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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