NovoCure (NASDAQ:NVCR) Shares Gap Up - Here's Why

NovoCure Limited (NASDAQ:NVCR - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $26.60, but opened at $27.55. NovoCure shares last traded at $26.87, with a volume of 119,429 shares traded.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $38.00 price objective (up from $30.00) on shares of NovoCure in a 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 company from $18.00 to $30.00 in a research report on Monday, December 2nd. Finally, Wedbush reissued a "neutral" rating and issued a $29.00 price target (up from $24.00) on shares of NovoCure in a 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.com, NovoCure presently has an average rating of "Moderate Buy" and an average target price of $30.33.

NovoCure Stock Up 5.1 %

The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27. The stock has a 50-day simple moving average of $17.93 and a two-hundred day simple moving average of $18.64. The firm has a market cap of $3.03 billion, a PE ratio of -19.97 and a beta of 0.75.

NovoCure (NASDAQ:NVCR - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, topping 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 company 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 company posted ($0.46) earnings per share. NovoCure's revenue was up 21.8% compared to the same quarter last year. Analysts expect that NovoCure Limited will post -1.32 earnings per share for the current year.

Hedge Funds Weigh In On NovoCure

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Lombard Odier Asset Management USA Corp increased its stake in NovoCure by 5.4% in the 2nd quarter. Lombard Odier Asset Management USA Corp now owns 10,862 shares of the medical equipment provider's stock worth $186,000 after buying an additional 557 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of NovoCure by 2.1% in the second quarter. Arizona State Retirement System now owns 28,481 shares of the medical equipment provider's stock worth $488,000 after buying an additional 581 shares in the last quarter. Signaturefd LLC boosted its position in shares of NovoCure by 61.7% during the second quarter. Signaturefd LLC now owns 1,644 shares of the medical equipment provider's stock worth $28,000 after acquiring an additional 627 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in NovoCure by 21.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider's stock valued at $61,000 after acquiring an additional 701 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its holdings in NovoCure by 58.5% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider's stock valued at $57,000 after acquiring an additional 1,354 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

NovoCure Company Profile

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.