NovoCure (NASDAQ:NVCR) Downgraded by Wall Street Zen to Hold

Wall Street Zen cut shares of NovoCure (NASDAQ:NVCR) from a buy rating to a hold rating in a research report report published on Saturday morning.

Other equities research analysts also recently issued research reports about the company. Zacks Research upgraded NovoCure from a “strong sell” rating to a “hold” rating in a research report on Friday, July 24th. Wedbush lifted their price target on NovoCure from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Evercore reiterated an “outperform” rating on shares of NovoCure in a research note on Friday, May 1st. HC Wainwright set a $32.00 price objective on NovoCure in a report on Friday, July 24th. Finally, JPMorgan Chase & Co. started coverage on NovoCure in a report on Monday, July 13th. They set a “neutral” rating and a $17.00 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $21.20.

NovoCure Stock Performance

NASDAQ NVCR opened at $17.82 on Friday. The company’s 50 day moving average is $16.52 and its 200-day moving average is $14.79. NovoCure has a 12-month low of $9.82 and a 12-month high of $21.45. The company has a quick ratio of 2.70, a current ratio of 2.89 and a debt-to-equity ratio of 0.58. The firm has a market cap of $2.08 billion, a P/E ratio of -13.71 and a beta of 0.97.

NovoCure (NASDAQ:NVCR) last announced its quarterly earnings results on Thursday, July 23rd. The medical equipment provider reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.20. NovoCure had a negative net margin of 21.25% and a negative return on equity of 44.00%. The company had revenue of $183.58 million for the quarter, compared to analysts’ expectations of $172.44 million. During the same period in the prior year, the company posted ($0.36) EPS. NovoCure’s revenue was up 15.6% compared to the same quarter last year. Sell-side analysts predict that NovoCure will post -1.21 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Timothy J. Scannell sold 2,945 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $15.77, for a total value of $46,442.65. Following the transaction, the director owned 14,288 shares of the company’s stock, valued at approximately $225,321.76. This represents a 17.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Frank X. Leonard sold 34,273 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $17.93, for a total value of $614,514.89. Following the completion of the sale, the chief executive officer owned 459,520 shares in the company, valued at $8,239,193.60. This trade represents a 6.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 51,943 shares of company stock worth $893,171. Company insiders own 6.55% of the company’s stock.

Hedge Funds Weigh In On NovoCure

Institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC increased its stake in NovoCure by 25.2% in the fourth quarter. Larson Financial Group LLC now owns 5,133 shares of the medical equipment provider’s stock valued at $66,000 after acquiring an additional 1,033 shares during the last quarter. Alliancebernstein L.P. lifted its stake in NovoCure by 0.8% during the third quarter. Alliancebernstein L.P. now owns 137,106 shares of the medical equipment provider’s stock worth $1,771,000 after purchasing an additional 1,076 shares during the last quarter. Strs Ohio lifted its stake in NovoCure by 2.2% during the first quarter. Strs Ohio now owns 59,400 shares of the medical equipment provider’s stock worth $647,000 after purchasing an additional 1,300 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of NovoCure by 14.9% in the 4th quarter. Royal Bank of Canada now owns 12,830 shares of the medical equipment provider’s stock worth $166,000 after purchasing an additional 1,667 shares in the last quarter. Finally, Kera Capital Partners Inc. boosted its holdings in shares of NovoCure by 9.0% in the 1st quarter. Kera Capital Partners Inc. now owns 21,454 shares of the medical equipment provider’s stock worth $234,000 after purchasing an additional 1,763 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

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.