NovoCure Limited (NVCR) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of NovoCure Limited (NASDAQ:NVCR) from a buy rating to a hold rating in a report released on Friday.
According to Zacks, “NovoCure Limited is an oncology company. The Company is engaged in developing a therapy called Tumor Treating Fields for the treatment of solid tumor cancers. It operates primarily in the United States, Germany, Switzerland and Japan. NovoCure Limited is based in Saint Helier, Channel Islands. “
Several other research firms also recently weighed in on NVCR. Wedbush reiterated an outperform rating and set a $25.00 target price (down from $29.00) on shares of NovoCure Limited in a research report on Friday, October 27th. Mizuho started coverage on NovoCure Limited in a research report on Wednesday, September 6th. They set a buy rating and a $25.00 target price on the stock. BidaskClub downgraded NovoCure Limited from a strong-buy rating to a buy rating in a research report on Wednesday, July 19th. Finally, Deutsche Bank AG reiterated a hold rating and set a $19.00 target price (up from $18.00) on shares of NovoCure Limited in a research report on Monday, July 17th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $21.00.
Shares of NovoCure Limited (NVCR) traded down $1.05 on Friday, hitting $17.30. The company had a trading volume of 1,331,300 shares, compared to its average volume of 1,087,139. The company has a debt-to-equity ratio of 0.83, a current ratio of 5.90 and a quick ratio of 5.30. NovoCure Limited has a one year low of $6.00 and a one year high of $22.30.
NovoCure Limited (NASDAQ:NVCR) last issued its quarterly earnings data on Thursday, October 26th. The medical equipment provider reported ($0.13) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.07. The company had revenue of $50.10 million during the quarter, compared to analyst estimates of $43.45 million. NovoCure Limited had a negative return on equity of 57.68% and a negative net margin of 47.45%. NovoCure Limited’s revenue was up 130.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.39) earnings per share. equities research analysts predict that NovoCure Limited will post -0.63 EPS for the current fiscal year.
In other news, CEO Asaf Danziger sold 35,500 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $22.01, for a total value of $781,355.00. Following the transaction, the chief executive officer now directly owns 776,862 shares in the company, valued at $17,098,732.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michael J. Ambrogi sold 24,327 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $22.01, for a total value of $535,437.27. Following the completion of the transaction, the chief operating officer now owns 49,514 shares in the company, valued at $1,089,803.14. The disclosure for this sale can be found here. Insiders sold 269,953 shares of company stock worth $5,764,863 over the last 90 days. Company insiders own 16.70% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its position in shares of NovoCure Limited by 61.7% in the first quarter. Bank of America Corp DE now owns 37,531 shares of the medical equipment provider’s stock valued at $305,000 after acquiring an additional 14,321 shares in the last quarter. Gotham Asset Management LLC purchased a new position in shares of NovoCure Limited in the second quarter valued at about $534,000. ETF Managers Group LLC purchased a new position in shares of NovoCure Limited in the second quarter valued at about $408,000. River & Mercantile Asset Management LLP lifted its position in shares of NovoCure Limited by 9.9% in the second quarter. River & Mercantile Asset Management LLP now owns 127,520 shares of the medical equipment provider’s stock valued at $2,203,000 after acquiring an additional 11,500 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in shares of NovoCure Limited in the second quarter valued at about $362,000. Institutional investors and hedge funds own 36.21% of the company’s stock.
About NovoCure Limited
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.
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