NovoCure (NASDAQ:NVCR) Upgraded at Evercore ISI

Evercore ISI upgraded shares of NovoCure (NASDAQ:NVCR) from an in-line rating to an outperform rating in a research note issued to investors on Monday morning, MarketBeat Ratings reports. Evercore ISI currently has $30.00 target price on the medical equipment provider’s stock, up from their previous target price of $18.00.

Separately, HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of NovoCure in a research report on Thursday, November 21st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

NovoCure Stock Up 49.0 %

Shares of NASDAQ NVCR opened at $29.85 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.49 and a quick ratio of 1.44. The firm has a 50-day simple moving average of $16.91 and a two-hundred day simple moving average of $18.45. NovoCure has a 1 year low of $11.66 and a 1 year high of $31.57. The company has a market cap of $3.23 billion, a P/E ratio of -21.32 and a beta of 0.71.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.06. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The company had revenue of $155.10 million for the quarter, compared to analysts’ expectations of $143.95 million. During the same quarter in the prior year, the firm earned ($0.46) earnings per share. NovoCure’s revenue was up 21.8% compared to the same quarter last year. Research analysts anticipate that NovoCure will post -1.31 earnings per share for the current year.

Hedge Funds Weigh In On NovoCure

Several hedge funds and other institutional investors have recently modified their holdings of NVCR. Franklin Resources Inc. grew its stake in NovoCure by 222.6% during the 3rd quarter. Franklin Resources Inc. now owns 180,853 shares of the medical equipment provider’s stock valued at $2,904,000 after purchasing an additional 124,793 shares during the last quarter. Tidal Investments LLC lifted its stake in shares of NovoCure by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 55,756 shares of the medical equipment provider’s stock valued at $871,000 after purchasing an additional 2,465 shares during the period. Geode Capital Management LLC boosted its holdings in NovoCure by 1.3% during the third quarter. Geode Capital Management LLC now owns 2,405,257 shares of the medical equipment provider’s stock worth $37,601,000 after buying an additional 29,871 shares in the last quarter. Weiss Asset Management LP acquired a new stake in NovoCure during the third quarter valued at $735,000. Finally, IHT Wealth Management LLC purchased a new position in NovoCure in the third quarter valued at $180,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.