NovoCure (NASDAQ:NVCR) Trading 7.8% Higher – Time to Buy?

NovoCure Limited (NASDAQ:NVCR)’s stock price rose 7.8% on Thursday . The company traded as high as $16.94 and last traded at $17.0050. Approximately 249,696 shares were traded during trading, a decline of 86% from the average session volume of 1,766,242 shares. The stock had previously closed at $15.78.

Analyst Upgrades and Downgrades

Several research firms have recently commented on NVCR. Weiss Ratings raised shares of NovoCure from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 1st. HC Wainwright reiterated a “buy” rating and set a $46.00 price objective (down from $48.00) on shares of NovoCure in a research note on Thursday, June 18th. Wells Fargo & Company raised their target price on shares of NovoCure from $13.50 to $17.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Evercore restated an “outperform” rating on shares of NovoCure in a research note on Friday, May 1st. Finally, Wedbush reaffirmed a “neutral” rating and set a $18.00 target price on shares of NovoCure in a report on Thursday, April 16th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $25.67.

NovoCure Price Performance

The company has a quick ratio of 2.70, a current ratio of 2.90 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $1.92 billion, a P/E ratio of -10.89 and a beta of 0.94. The business has a 50 day simple moving average of $16.11 and a 200-day simple moving average of $13.70.

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 the consensus estimate of ($0.51) by ($0.11). NovoCure had a negative return on equity of 50.82% and a negative net margin of 25.66%.The firm had revenue of $174.06 million for the quarter, compared to the consensus estimate of $167.77 million. During the same quarter in the prior year, the company posted ($0.31) EPS. The firm’s revenue was up 12.3% on a year-over-year basis. Analysts predict that NovoCure Limited will post -1.55 EPS for the current fiscal year.

Insider Activity

In other news, Director Allyson J. Ocean sold 2,945 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $15.77, for a total transaction of $46,442.65. Following the completion of the transaction, the director directly owned 11,324 shares in the company, valued at approximately $178,579.48. The trade was a 20.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 stock in a transaction that occurred on 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 directly owned 14,288 shares of the company’s stock, valued at $225,321.76. This trade represents a 17.09% decrease in their ownership of the stock. 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 worth $893,171 over the last three months. Insiders own 5.52% of the company’s stock.

Institutional Trading of NovoCure

Hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC bought a new position in shares of NovoCure in the fourth quarter worth $33,000. Kestra Advisory Services LLC bought a new stake in shares of NovoCure during the fourth quarter valued at about $49,000. Larson Financial Group LLC raised its stake in shares of NovoCure by 662.1% during the third quarter. Larson Financial Group LLC now owns 4,100 shares of the medical equipment provider’s stock valued at $53,000 after purchasing an additional 3,562 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in NovoCure by 25.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,442 shares of the medical equipment provider’s stock worth $70,000 after purchasing an additional 1,120 shares during the period. Finally, Acadian Asset Management LLC acquired a new stake in NovoCure in the first quarter worth about $87,000. Institutional investors own 84.61% of the company’s stock.

About NovoCure

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.