NovoCure (NASDAQ:NVCR) Price Target Raised to $42.00

NovoCure (NASDAQ:NVCR - Free Report) had its price target boosted by Piper Sandler from $28.00 to $42.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an overweight rating on the medical equipment provider's stock.

Several other analysts also recently commented on NVCR. 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 raised NovoCure from an "in-line" rating to an "outperform" rating and increased their price target for the stock from $18.00 to $30.00 in a research report on Monday, December 2nd. Finally, Wedbush reiterated a "neutral" rating and set a $29.00 price objective (up previously from $24.00) on shares of NovoCure in a research note on Monday, December 2nd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $32.67.

NovoCure Stock Performance

Shares of NASDAQ:NVCR traded up $3.35 on Friday, hitting $33.41. 1,748,514 shares of the company were exchanged, compared to its average volume of 1,334,415. The firm has a market capitalization of $3.61 billion, a P/E ratio of -22.79 and a beta of 0.75. 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 has a 1-year low of $11.70 and a 1-year high of $34.00. The stock's 50 day moving average price is $19.11 and its 200 day moving average price is $18.86.

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

Hedge Funds Weigh In On NovoCure

Large investors have recently bought and sold shares of the business. CWM LLC raised its stake in shares of NovoCure by 182.3% during the 2nd quarter. CWM LLC now owns 5,281 shares of the medical equipment provider's stock worth $90,000 after buying an additional 3,410 shares during the period. Nisa Investment Advisors LLC acquired a new position in NovoCure during the second quarter worth $48,000. Fifth Third Bancorp purchased a new position in NovoCure during the second quarter valued at $43,000. Bank of New York Mellon Corp grew its position in shares of NovoCure by 56.8% in the second quarter. Bank of New York Mellon Corp now owns 419,960 shares of the medical equipment provider's stock valued at $7,194,000 after purchasing an additional 152,185 shares during the period. Finally, Legato Capital Management LLC purchased a new stake in shares of NovoCure during the second quarter worth about $952,000. Institutional investors and hedge funds own 84.61% of the company's stock.

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.