NovoCure (NASDAQ:NVCR) Given New $18.00 Price Target at Evercore ISI

NovoCure (NASDAQ:NVCR) had its price target decreased by stock analysts at Evercore ISI from $21.00 to $18.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “in-line” rating on the medical equipment provider’s stock. Evercore ISI’s price target would suggest a potential upside of 21.54% from the company’s current price.

A number of other brokerages have also commented on NVCR. HC Wainwright upped their price target on NovoCure from $22.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Wedbush reiterated an “outperform” rating and set a $24.00 price objective on shares of NovoCure in a research note on Thursday, July 25th. Finally, Wells Fargo & Company decreased their target price on NovoCure from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $25.17.

NovoCure Price Performance

NVCR stock traded down $0.82 during trading on Tuesday, hitting $14.81. The company had a trading volume of 363,952 shares, compared to its average volume of 1,312,943. The company has a current ratio of 6.46, a quick ratio of 6.22 and a debt-to-equity ratio of 1.81. The business has a 50 day moving average of $18.29 and a 200 day moving average of $17.62. NovoCure has a fifty-two week low of $10.87 and a fifty-two week high of $24.74. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of -8.19 and a beta of 0.71.

NovoCure (NASDAQ:NVCR) last issued its earnings results on Thursday, July 25th. The medical equipment provider reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.09. The company had revenue of $150.40 million for the quarter, compared to the consensus estimate of $135.83 million. NovoCure had a negative return on equity of 45.68% and a negative net margin of 30.67%. The firm’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.54) EPS. As a group, research analysts predict that NovoCure will post -1.34 earnings per share for the current year.

Institutional Investors Weigh In On NovoCure

Institutional investors have recently made changes to their positions in the stock. Ridgewood Investments LLC acquired a new stake in NovoCure in the second quarter valued at approximately $28,000. Signaturefd LLC increased its position in NovoCure by 61.7% in the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 627 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in NovoCure in the second quarter worth $34,000. Fifth Third Bancorp purchased a new stake in NovoCure in the second quarter worth $43,000. Finally, GAMMA Investing LLC increased its position in NovoCure by 278.0% in the first quarter. GAMMA Investing LLC now owns 2,880 shares of the medical equipment provider’s stock worth $45,000 after buying an additional 2,118 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

NovoCure Company Profile

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.