NovoCure (NASDAQ:NVCR) Price Target Raised to $31.00

NovoCure (NASDAQ:NVCR) had its target price upped by Ladenburg Thalmann & Co. Inc. from $27.00 to $31.00 in a research report report published on Tuesday,Benzinga reports. They currently have a buy rating on the medical equipment provider’s stock.

A number of other equities analysts have also issued reports on the company. Wells Fargo & Company decreased their price target on NovoCure from $20.00 to $15.00 and set an “equal weight” rating for the company in a research note on Friday, October 30th. JPMorgan Chase & Co. assumed coverage on NovoCure in a research report on Monday, July 13th. They set a “neutral” rating and a $17.00 price target on the stock. Zacks Research raised NovoCure from a “strong sell” rating to a “hold” rating in a research note on Friday, July 24th. Weiss Ratings downgraded NovoCure from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 30th. Finally, Wall Street Zen upgraded NovoCure from a “hold” rating to a “buy” rating in a research report on Saturday, October 31st. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, NovoCure has a consensus rating of “Hold” and a consensus price target of $22.33.

NovoCure Stock Performance

Shares of NASDAQ:NVCR opened at $11.72 on Tuesday. The firm’s 50 day moving average is $14.95 and its two-hundred day moving average is $14.75. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.34 and a current ratio of 2.49. NovoCure has a 52 week low of $9.82 and a 52 week high of $21.45.

NovoCure (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, October 29th. The medical equipment provider reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.14. NovoCure had a negative return on equity of 35.81% and a negative net margin of 16.78%. The business had revenue of $193.40 million during the quarter, compared to the consensus estimate of $182.28 million. During the same period in the previous year, the firm posted ($0.33) earnings per share. The business’s revenue was up 15.7% on a year-over-year basis. As a group, analysts expect that NovoCure will post -1.10 EPS for the current fiscal year.

Hedge Funds Weigh In On NovoCure

A number of hedge funds have recently modified their holdings of NVCR. Quantinno Capital Management LP boosted its position in NovoCure by 23.7% during the first quarter. Quantinno Capital Management LP now owns 2,487,376 shares of the medical equipment provider’s stock valued at $27,112,000 after purchasing an additional 477,128 shares during the last quarter. First Trust Advisors LP increased its position in NovoCure by 164.9% in the 3rd quarter. First Trust Advisors LP now owns 335,392 shares of the medical equipment provider’s stock worth $5,350,000 after purchasing an additional 208,796 shares during the last quarter. Dimensional Fund Advisors LP increased its position in NovoCure by 27.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 960,056 shares of the medical equipment provider’s stock worth $10,462,000 after purchasing an additional 207,913 shares during the last quarter. Renaissance Technologies LLC increased its position in NovoCure by 11.8% in the 1st quarter. Renaissance Technologies LLC now owns 1,551,554 shares of the medical equipment provider’s stock worth $16,912,000 after purchasing an additional 163,800 shares during the last quarter. Finally, Allianz Asset Management GmbH purchased a new stake in shares of NovoCure during the 2nd quarter worth about $2,248,000. 84.61% of the stock is owned by institutional investors and hedge funds.

About NovoCure

NovoCure is a global oncology company that develops and commercializes Tumor Treating Fields (TTFields), a cancer treatment that uses wearable devices to deliver low-intensity electric fields intended to disrupt cancer cell division. Its products include Optune Gio and Optune Lua, which are used to treat certain cancers. The company is headquartered in Baar, Switzerland, and serves patients in markets across North America, Europe and Asia. NovoCure was founded in 2000 by Yoram Palti, a medical researcher who developed the TTFields approach.