NovoCure (NASDAQ:NVCR) Reaches New 12-Month High - Should You Buy?

NovoCure Limited (NASDAQ:NVCR - Get Free Report) shares hit a new 52-week high on Wednesday . The stock traded as high as $34.00 and last traded at $33.95, with a volume of 259665 shares traded. The stock had previously closed at $32.10.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on NVCR shares. Wedbush reaffirmed a "neutral" rating and set a $29.00 price target (up previously from $24.00) on shares of NovoCure in a research note on Monday, December 2nd. HC Wainwright restated a "buy" rating and set a $38.00 target price (up from $30.00) on shares of NovoCure in a research report on Monday, December 2nd. Evercore ISI upgraded NovoCure from an "in-line" rating to an "outperform" rating and lifted their price target for the stock from $18.00 to $30.00 in a research report on Monday, December 2nd. Finally, Piper Sandler boosted their price objective on NovoCure from $28.00 to $42.00 and gave the stock an "overweight" rating in a research note on Friday, December 13th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, NovoCure currently has an average rating of "Moderate Buy" and a consensus price target of $32.67.

NovoCure Stock Performance

The stock has a market capitalization of $3.41 billion, a PE ratio of -22.53 and a beta of 0.75. The business's 50 day moving average is $20.51 and its 200 day moving average is $19.11. The company has a current ratio of 1.49, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27.

NovoCure (NASDAQ:NVCR - Get Free Report) last announced its earnings results 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. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The business had revenue of $155.10 million during the quarter, compared to analyst estimates of $143.95 million. During the same quarter in the previous year, the business earned ($0.46) earnings per share. The company's revenue for the quarter was up 21.8% compared to the same quarter last year. On average, equities research analysts predict that NovoCure Limited will post -1.32 earnings per share for the current fiscal year.

Institutional Trading of NovoCure

A number of hedge funds and other institutional investors have recently bought and sold shares of NVCR. Signaturefd LLC grew its holdings in shares of NovoCure by 61.7% in the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider's stock worth $28,000 after purchasing an additional 627 shares during the last quarter. Ridgewood Investments LLC bought a new position in NovoCure in the 2nd quarter worth about $28,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of NovoCure during the second quarter worth approximately $34,000. Fifth Third Bancorp bought a new stake in shares of NovoCure during the second quarter valued at approximately $43,000. Finally, Brooklyn Investment Group purchased a new stake in shares of NovoCure in the third quarter valued at approximately $45,000. Hedge funds and other institutional investors own 84.61% of the company's stock.

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.