NovoCure (NASDAQ:NVCR) Shares Gap Up on Analyst Upgrade

NovoCure Limited (NASDAQ:NVCR - Get Free Report) shares gapped up prior to trading on Friday after Piper Sandler raised their price target on the stock from $28.00 to $42.00. The stock had previously closed at $30.06, but opened at $31.22. Piper Sandler currently has an overweight rating on the stock. NovoCure shares last traded at $31.99, with a volume of 128,065 shares changing hands.

Several other equities analysts have also weighed in on NVCR. Wedbush restated a "neutral" rating and set a $29.00 price objective (up previously from $24.00) on shares of NovoCure in a research report on Monday, December 2nd. HC Wainwright reissued a "buy" rating and set a $38.00 price objective (up from $30.00) on shares of NovoCure in a research note on Monday, December 2nd. Finally, Evercore ISI raised NovoCure from an "in-line" rating to an "outperform" rating and boosted their target price for the stock from $18.00 to $30.00 in a research report on Monday, December 2nd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, NovoCure has a consensus rating of "Moderate Buy" and a consensus target price of $32.67.

Hedge Funds Weigh In On NovoCure

A number of large investors have recently made changes to their positions in the business. Franklin Resources Inc. grew its stake in NovoCure by 222.6% in the third quarter. Franklin Resources Inc. now owns 180,853 shares of the medical equipment provider's stock valued at $2,904,000 after purchasing an additional 124,793 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of NovoCure by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 55,756 shares of the medical equipment provider's stock valued at $871,000 after buying an additional 2,465 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of NovoCure by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,405,257 shares of the medical equipment provider's stock valued at $37,601,000 after buying an additional 29,871 shares in the last quarter. Weiss Asset Management LP acquired a new position in NovoCure in the third quarter worth approximately $735,000. Finally, IHT Wealth Management LLC bought a new position in NovoCure during the third quarter valued at approximately $180,000. Institutional investors and hedge funds own 84.61% of the company's stock.

NovoCure Trading Up 11.1 %

The company has a market cap of $3.61 billion, a price-to-earnings ratio of -23.86 and a beta of 0.75. The company's 50 day moving average price is $19.48 and its 200 day moving average price is $18.93. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.49.

NovoCure (NASDAQ:NVCR - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) earnings per share for the quarter, topping analysts' consensus estimates of ($0.34) by $0.06. The company had revenue of $155.10 million during the quarter, compared to analysts' expectations of $143.95 million. NovoCure had a negative return on equity of 41.48% and a negative net margin of 25.93%. The business's quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.46) earnings per share. Research analysts anticipate that NovoCure Limited will post -1.32 EPS for the current year.

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.