NovoCure (NASDAQ:NVCR) Rating Lowered to Strong Sell at Zacks Research

NovoCure (NASDAQ:NVCR) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. initiated coverage on shares of NovoCure in a report on Monday. They issued a “neutral” rating and a $17.00 target price on the stock. Weiss Ratings upgraded shares of NovoCure from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Wedbush reiterated a “neutral” rating and set a $18.00 target price on shares of NovoCure in a report on Thursday, April 16th. HC Wainwright reissued a “buy” rating and issued a $46.00 target price (down from $48.00) on shares of NovoCure in a research note on Thursday, June 18th. Finally, Wells Fargo & Company lifted their price objective on NovoCure from $13.50 to $17.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $23.60.

NovoCure Trading Up 3.1%

NVCR stock opened at $16.03 on Tuesday. The company has a current ratio of 2.90, a quick ratio of 2.70 and a debt-to-equity ratio of 0.71. The firm has a market cap of $1.86 billion, a P/E ratio of -10.48 and a beta of 0.94. NovoCure has a 1-year low of $9.82 and a 1-year high of $18.92. The business’s 50 day moving average is $16.79 and its 200-day moving average is $13.97.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings results on Thursday, April 30th. The medical equipment provider reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.11). The business had revenue of $174.06 million for the quarter, compared to the consensus estimate of $167.77 million. NovoCure had a negative return on equity of 50.82% and a negative net margin of 25.66%.The firm’s revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.31) earnings per share. Equities analysts anticipate that NovoCure will post -1.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director W Anthony Vernon sold 2,945 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $15.77, for a total value of $46,442.65. Following the completion of the transaction, the director owned 197,657 shares of the company’s stock, valued at $3,117,050.89. The trade was a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Timothy J. Scannell sold 2,945 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $15.77, for a total value of $46,442.65. Following the transaction, the director directly owned 14,288 shares of the company’s stock, valued at approximately $225,321.76. The trade was a 17.09% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 51,943 shares of company stock valued at $893,171 in the last quarter. Company insiders own 5.52% of the company’s stock.

Hedge Funds Weigh In On NovoCure

Hedge funds have recently modified their holdings of the business. Handelsbanken Fonder AB increased its holdings in NovoCure by 37.2% in the second quarter. Handelsbanken Fonder AB now owns 51,223 shares of the medical equipment provider’s stock valued at $776,000 after purchasing an additional 13,900 shares during the period. Amundi raised its position in shares of NovoCure by 19.9% during the first quarter. Amundi now owns 47,583 shares of the medical equipment provider’s stock worth $519,000 after acquiring an additional 7,907 shares during the last quarter. California State Teachers Retirement System lifted its stake in shares of NovoCure by 43.6% in the first quarter. California State Teachers Retirement System now owns 142,561 shares of the medical equipment provider’s stock worth $1,554,000 after acquiring an additional 43,257 shares during the period. Eversept Partners LP boosted its holdings in NovoCure by 11.5% in the first quarter. Eversept Partners LP now owns 134,917 shares of the medical equipment provider’s stock valued at $1,471,000 after acquiring an additional 13,939 shares during the last quarter. Finally, Quantinno Capital Management LP increased its position in NovoCure by 23.7% during the 1st 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 period. Institutional investors and hedge funds own 84.61% of the company’s stock.

NovoCure Company Profile

NovoCure is a global oncology company pioneering Tumor Treating Fields (TTFields), a novel anti-mitotic therapy for solid tumors. The company’s non-invasive treatment platforms deliver low-intensity, alternating electric fields designed to disrupt cancer cell division. NovoCure’s approach offers an alternative modality to complement existing therapies in oncology, with a focus on hard-to-treat malignancies.

Founded in 2000 and headquartered in Haifa, Israel, NovoCure maintains a second operational center in Portsmouth, New Hampshire.