NovoCure (NASDAQ:NVCR) Trading 10.5% Higher Following Strong Earnings

NovoCure Limited (NASDAQ:NVCR)’s stock price shot up 10.5% during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $14.20 and last traded at $14.08. 942,230 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 1,325,369 shares. The stock had previously closed at $12.74.

The medical equipment provider reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.07. NovoCure had a negative net margin of 36.67% and a negative return on equity of 49.34%. The company had revenue of $138.50 million during the quarter, compared to analyst estimates of $131.44 million. During the same period last year, the business earned ($0.50) earnings per share. NovoCure’s revenue was up 13.3% compared to the same quarter last year.

Analysts Set New Price Targets

NVCR has been the subject of several analyst reports. Wedbush reissued a “neutral” rating and issued a $21.00 target price on shares of NovoCure in a report on Thursday. Wells Fargo & Company reduced their target price on shares of NovoCure from $49.00 to $42.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 3rd. HC Wainwright lowered their price objective on shares of NovoCure from $24.00 to $22.00 and set a “neutral” rating for the company in a research report on Thursday. JPMorgan Chase & Co. boosted their price objective on shares of NovoCure from $15.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 19th. Finally, Piper Sandler reissued an “overweight” rating and issued a $28.00 price target (up from $25.00) on shares of NovoCure in a research report on Wednesday, April 10th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.88.

Insider Buying and Selling

In other news, EVP Frank X. Leonard sold 1,679 shares of NovoCure stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $16.03, for a total transaction of $26,914.37. Following the sale, the executive vice president now directly owns 160,938 shares of the company’s stock, valued at $2,579,836.14. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other NovoCure news, EVP Frank X. Leonard sold 1,679 shares of NovoCure stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $16.03, for a total value of $26,914.37. Following the completion of the transaction, the executive vice president now directly owns 160,938 shares in the company, valued at $2,579,836.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Frank X. Leonard sold 2,078 shares of NovoCure stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $16.14, for a total value of $33,538.92. Following the sale, the executive vice president now directly owns 162,617 shares in the company, valued at approximately $2,624,638.38. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,921 shares of company stock valued at $127,161. 5.67% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NovoCure

A number of large investors have recently bought and sold shares of the business. Van ECK Associates Corp increased its stake in NovoCure by 6.8% in the third quarter. Van ECK Associates Corp now owns 15,073 shares of the medical equipment provider’s stock valued at $243,000 after acquiring an additional 959 shares during the period. Amalgamated Bank boosted its stake in NovoCure by 4.7% in the third quarter. Amalgamated Bank now owns 23,847 shares of the medical equipment provider’s stock valued at $385,000 after acquiring an additional 1,072 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of NovoCure by 96.8% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,739 shares of the medical equipment provider’s stock worth $44,000 after purchasing an additional 1,347 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of NovoCure by 36.0% during the third quarter. PNC Financial Services Group Inc. now owns 5,522 shares of the medical equipment provider’s stock worth $89,000 after purchasing an additional 1,461 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of NovoCure by 6.3% during the third quarter. Principal Financial Group Inc. now owns 26,092 shares of the medical equipment provider’s stock worth $421,000 after purchasing an additional 1,539 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

NovoCure Trading Up 4.2 %

The company has a market capitalization of $1.59 billion, a P/E ratio of -8.17 and a beta of 0.50. The business’s 50-day moving average price is $14.21 and its two-hundred day moving average price is $13.87. The company has a debt-to-equity ratio of 1.57, a current ratio of 5.78 and a quick ratio of 5.56.

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.