NovoCure (NASDAQ:NVCR) Trading Up 8%

Shares of NovoCure Limited (NASDAQ:NVCR) rose 8% during trading on Monday . The stock traded as high as $23.87 and last traded at $23.76. Approximately 288,575 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 1,331,699 shares. The stock had previously closed at $21.99.

Analyst Ratings Changes

NVCR has been the subject of several analyst reports. HC Wainwright lowered their target price on shares of NovoCure from $24.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. Evercore ISI raised their price objective on shares of NovoCure from $14.00 to $15.00 and gave the stock an “in-line” rating in a report on Friday, February 23rd. Piper Sandler restated an “overweight” rating and set a $28.00 price objective (up previously from $25.00) on shares of NovoCure in a report on Wednesday, April 10th. Wells Fargo & Company decreased their price objective on shares of NovoCure from $49.00 to $42.00 and set an “overweight” rating for the company in a report on Wednesday, April 3rd. Finally, Wedbush restated a “neutral” rating and set a $21.00 price objective on shares of NovoCure in a report on Thursday, May 2nd. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.88.

NovoCure Price Performance

The business’s 50-day moving average price is $14.93 and its 200 day moving average price is $14.31. The company has a debt-to-equity ratio of 1.59, a current ratio of 6.26 and a quick ratio of 5.99.

NovoCure (NASDAQ:NVCR) last released its quarterly earnings data on Thursday, May 2nd. 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 50.35%. 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. Equities research analysts predict that NovoCure Limited will post -1.64 EPS for the current year.

Insider Buying and Selling at NovoCure

In other NovoCure news, 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 transaction of $33,538.92. Following the completion of the sale, the executive vice president now directly owns 162,617 shares in the company, valued at $2,624,638.38. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other NovoCure news, 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 transaction of $33,538.92. Following the completion of the sale, the executive vice president now directly owns 162,617 shares in the company, valued at $2,624,638.38. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Wilhelmus Cm Groenhuysen sold 2,107 shares of NovoCure stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $16.03, for a total transaction of $33,775.21. Following the sale, the chief operating officer now owns 252,452 shares of the company’s stock, valued at $4,046,805.56. The disclosure for this sale can be found here. Insiders sold a total of 7,921 shares of company stock worth $127,161 over the last three months. 6.29% of the stock is owned by insiders.

Institutional Investors Weigh In On NovoCure

A number of hedge funds have recently made changes to their positions in NVCR. Principal Financial Group Inc. lifted its holdings in shares of NovoCure by 6.3% in the 3rd quarter. Principal Financial Group Inc. now owns 26,092 shares of the medical equipment provider’s stock worth $421,000 after acquiring an additional 1,539 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of NovoCure by 10.9% in the 3rd quarter. Arizona State Retirement System now owns 28,729 shares of the medical equipment provider’s stock worth $464,000 after acquiring an additional 2,827 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in shares of NovoCure in the 3rd quarter worth approximately $313,000. Quantbot Technologies LP increased its stake in shares of NovoCure by 826.4% in the third quarter. Quantbot Technologies LP now owns 98,177 shares of the medical equipment provider’s stock worth $1,586,000 after buying an additional 87,579 shares during the period. Finally, Amalgamated Bank increased its stake in shares of NovoCure by 4.7% in the third quarter. Amalgamated Bank now owns 23,847 shares of the medical equipment provider’s stock worth $385,000 after buying an additional 1,072 shares during the period. 84.61% of the stock is currently owned by 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.