NovoCure (NASDAQ:NVCR) Price Target Raised to $42.00

NovoCure (NASDAQ:NVCR) had its target price boosted by Piper Sandler from $28.00 to $42.00 in a research note issued to investors on Friday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the medical equipment provider’s stock.

Several other research analysts have also issued reports on NVCR. Evercore ISI upgraded shares of NovoCure from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $18.00 to $30.00 in a research note on Monday, December 2nd. Wedbush reiterated a “neutral” rating and issued a $29.00 price target (up from $24.00) on shares of NovoCure in a research note on Monday, December 2nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $38.00 price target (up from $30.00) on shares of NovoCure in a research note on Monday, December 2nd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.67.

NovoCure Trading Up 11.1 %

NASDAQ:NVCR opened at $33.41 on Friday. The company has a 50-day moving average price of $19.48 and a 200-day moving average price of $18.88. NovoCure has a 12 month low of $11.70 and a 12 month high of $34.00. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of -23.86 and a beta of 0.75.

NovoCure (NASDAQ:NVCR) last posted 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 41.48%. The firm had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $143.95 million. During the same period last year, the company posted ($0.46) EPS. The company’s quarterly revenue was up 21.8% compared to the same quarter last year. Equities analysts predict that NovoCure will post -1.32 EPS for the current year.

Institutional Trading of NovoCure

A number of institutional investors and hedge funds have recently bought and sold shares of NVCR. Nordwand Advisors LLC increased its stake in NovoCure by 100.0% during the 3rd quarter. Nordwand Advisors LLC now owns 3,029,824 shares of the medical equipment provider’s stock valued at $47,356,000 after purchasing an additional 1,514,824 shares in the last quarter. Renaissance Technologies LLC grew 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 worth $13,022,000 after acquiring an additional 480,600 shares during the period. Panagora Asset Management Inc. grew its stake in shares of NovoCure by 309.8% in the second quarter. Panagora Asset Management Inc. now owns 409,794 shares of the medical equipment provider’s stock worth $7,020,000 after acquiring an additional 309,805 shares during the period. AQR Capital Management LLC grew its stake in shares of NovoCure by 234.2% in the second quarter. AQR Capital Management LLC now owns 431,445 shares of the medical equipment provider’s stock worth $7,391,000 after acquiring an additional 302,351 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of NovoCure by 56.8% in the second quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider’s stock worth $7,194,000 after acquiring an additional 152,185 shares during the period. 84.61% of the stock is currently owned by institutional investors.

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.