FY2024 EPS Estimates for NovoCure Lifted by HC Wainwright

NovoCure Limited (NASDAQ:NVCR - Free Report) - Equities researchers at HC Wainwright increased their FY2024 earnings per share estimates for shares of NovoCure in a note issued to investors on Wednesday, October 30th. HC Wainwright analyst E. Bodnar now expects that the medical equipment provider will post earnings of ($1.30) per share for the year, up from their previous forecast of ($1.33). HC Wainwright has a "Buy" rating and a $30.00 price target on the stock. The consensus estimate for NovoCure's current full-year earnings is ($1.32) per share. HC Wainwright also issued estimates for NovoCure's Q4 2024 earnings at ($0.35) EPS, FY2025 earnings at ($1.56) EPS, FY2026 earnings at ($1.84) EPS, FY2027 earnings at ($1.12) EPS and FY2028 earnings at ($0.62) EPS.

A number of other brokerages have also issued reports on NVCR. Evercore ISI reduced their target price on NovoCure from $21.00 to $18.00 and set an "in-line" rating for the company in a research note on Tuesday, October 1st. Wedbush reaffirmed an "outperform" rating and set a $24.00 target price on shares of NovoCure in a report on Thursday, July 25th. Finally, Wells Fargo & Company cut their price target on shares of NovoCure from $42.00 to $40.00 and set an "overweight" rating on the stock in a report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $26.17.

NovoCure Stock Performance

Shares of NASDAQ NVCR traded up $0.41 during midday trading on Monday, reaching $16.59. The company had a trading volume of 788,376 shares, compared to its average volume of 1,308,836. NovoCure has a 1 year low of $10.87 and a 1 year high of $24.74. The business's 50-day simple moving average is $16.72 and its 200 day simple moving average is $17.99. The company has a current ratio of 1.49, a quick ratio of 6.22 and a debt-to-equity ratio of 0.27. The stock has a market cap of $1.80 billion, a P/E ratio of -11.85 and a beta of 0.71.

NovoCure (NASDAQ:NVCR - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.06. The firm had revenue of $155.10 million for the quarter, compared to the consensus estimate of $143.95 million. NovoCure had a negative net margin of 25.93% and a negative return on equity of 41.48%. The company's revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.46) earnings per share.

Institutional Trading of NovoCure

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Daiwa Securities Group Inc. boosted its position in NovoCure by 1,113.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 5,122 shares of the medical equipment provider's stock worth $80,000 after purchasing an additional 4,700 shares in the last quarter. Quantbot Technologies LP boosted its holdings in NovoCure by 34.7% during the first quarter. Quantbot Technologies LP now owns 64,776 shares of the medical equipment provider's stock worth $1,012,000 after buying an additional 16,681 shares in the last quarter. SG Americas Securities LLC grew its position in NovoCure by 57.3% during the first quarter. SG Americas Securities LLC now owns 359,518 shares of the medical equipment provider's stock valued at $5,619,000 after buying an additional 130,927 shares during the period. Headlands Technologies LLC purchased a new position in NovoCure in the first quarter valued at $134,000. Finally, Russell Investments Group Ltd. raised its position in shares of NovoCure by 247.3% in the first quarter. Russell Investments Group Ltd. now owns 130,282 shares of the medical equipment provider's stock worth $2,036,000 after acquiring an additional 92,771 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

About NovoCure

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.