What is Wedbush’s Estimate for NovoCure FY2024 Earnings?

NovoCure Limited (NASDAQ:NVCR) – Wedbush increased their FY2024 earnings estimates for NovoCure in a report issued on Wednesday, October 30th. Wedbush analyst D. Nierengarten now forecasts that the medical equipment provider will post earnings of ($1.26) per share for the year, up from their previous estimate of ($1.40). Wedbush currently has a “Outperform” rating and a $24.00 target price on the stock. The consensus estimate for NovoCure’s current full-year earnings is ($1.35) per share. Wedbush also issued estimates for NovoCure’s Q4 2024 earnings at ($0.31) EPS, Q1 2025 earnings at ($0.30) EPS, Q2 2025 earnings at ($0.31) EPS, Q3 2025 earnings at ($0.32) EPS, FY2025 earnings at ($1.24) EPS, FY2026 earnings at ($1.29) EPS, FY2027 earnings at ($1.24) EPS and FY2028 earnings at ($1.03) EPS.

NovoCure (NASDAQ:NVCR) last released its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.06. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.47%. The firm had revenue of $155.10 million for the quarter, compared to the consensus estimate of $143.95 million. During the same quarter in the previous year, the firm earned ($0.46) earnings per share. The company’s quarterly revenue was up 21.8% compared to the same quarter last year.

A number of other equities research analysts also recently issued reports on NVCR. Evercore ISI decreased their price target on shares of NovoCure from $21.00 to $18.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 1st. Wells Fargo & Company decreased their price target on shares of NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, July 26th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of NovoCure in a research note on Thursday. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, NovoCure currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.17.

NovoCure Price Performance

NovoCure stock opened at $16.18 on Friday. The company has a market cap of $1.75 billion, a price-to-earnings ratio of -11.56 and a beta of 0.70. The firm’s fifty day moving average is $16.76 and its 200 day moving average is $17.88. The company has a quick ratio of 6.22, a current ratio of 6.46 and a debt-to-equity ratio of 1.81. NovoCure has a 52-week low of $10.87 and a 52-week high of $24.74.

Institutional Investors Weigh In On NovoCure

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of NovoCure by 2.7% in the first quarter. Vanguard Group Inc. now owns 10,023,981 shares of the medical equipment provider’s stock valued at $156,675,000 after acquiring an additional 264,883 shares during the period. Nordwand Advisors LLC raised its stake in shares of NovoCure by 100.0% in the third quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock valued at $47,356,000 after acquiring an additional 1,514,824 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of NovoCure by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,378,940 shares of the medical equipment provider’s stock valued at $37,184,000 after acquiring an additional 125,715 shares during the period. Renaissance Technologies LLC raised its stake in shares of NovoCure by 171.9% in the second quarter. Renaissance Technologies LLC now owns 760,175 shares of the medical equipment provider’s stock valued at $13,022,000 after acquiring an additional 480,600 shares during the period. Finally, Federated Hermes Inc. raised its stake in shares of NovoCure by 5.8% in the second quarter. Federated Hermes Inc. now owns 742,927 shares of the medical equipment provider’s stock valued at $12,726,000 after acquiring an additional 40,870 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

About NovoCure

NovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) devices for the treatment of solid tumor cancers in the United States, Germany, Japan, Greater China, and internationally. The company’s TTFields devices include Optune Gio and Optune Lua.