Wedbush Comments on NovoCure's FY2024 Earnings (NASDAQ:NVCR)

NovoCure Limited (NASDAQ:NVCR - Free Report) - Analysts at Wedbush raised their FY2024 earnings per share estimates for shares of NovoCure in a research note issued on Monday, January 13th. Wedbush analyst D. Nierengarten now anticipates that the medical equipment provider will earn ($1.22) per share for the year, up from their previous estimate of ($1.26). Wedbush currently has a "Neutral" rating and a $29.00 target price on the stock. The consensus estimate for NovoCure's current full-year earnings is ($1.32) per share. Wedbush also issued estimates for NovoCure's Q4 2024 earnings at ($0.27) EPS, Q1 2025 earnings at ($0.32) EPS, Q2 2025 earnings at ($0.35) EPS, Q3 2025 earnings at ($0.38) EPS, Q4 2025 earnings at ($0.39) EPS, FY2025 earnings at ($1.45) EPS, FY2026 earnings at ($1.38) EPS and FY2027 earnings at ($1.08) EPS.

NovoCure (NASDAQ:NVCR - Get Free Report) last posted its earnings results on Wednesday, October 30th. The medical equipment provider reported ($0.28) EPS for the quarter, topping analysts' consensus estimates of ($0.34) by $0.06. The business had revenue of $155.10 million during 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 firm's revenue was up 21.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.46) EPS.

Other equities analysts have also issued research reports about the company. HC Wainwright reaffirmed a "buy" rating and issued a $38.00 price objective on shares of NovoCure in a research note on Tuesday. Evercore ISI upgraded NovoCure from an "in-line" rating to an "outperform" rating and raised their price target for the company from $18.00 to $30.00 in a 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 investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $32.67.

NovoCure Stock Performance

NASDAQ:NVCR traded down $0.33 during mid-day trading on Thursday, hitting $26.02. 845,318 shares of the company traded hands, compared to its average volume of 1,103,622. The stock's fifty day moving average price is $25.68 and its 200-day moving average price is $20.39. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of -18.59 and a beta of 0.64. The company has a quick ratio of 1.44, a current ratio of 1.49 and a debt-to-equity ratio of 0.27. NovoCure has a one year low of $11.70 and a one year high of $34.13.

Institutional Investors Weigh In On NovoCure

Institutional investors and hedge funds have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in NovoCure during the second quarter worth about $34,000. Brooklyn Investment Group acquired a new stake in shares of NovoCure in the third quarter valued at approximately $45,000. Venturi Wealth Management LLC lifted its position in NovoCure by 58.5% during the third quarter. Venturi Wealth Management LLC now owns 3,669 shares of the medical equipment provider's stock worth $57,000 after buying an additional 1,354 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in NovoCure by 21.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,914 shares of the medical equipment provider's stock valued at $61,000 after buying an additional 701 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of NovoCure by 35.8% during the 4th quarter. Versant Capital Management Inc now owns 3,341 shares of the medical equipment provider's stock worth $100,000 after acquiring an additional 880 shares during the period. 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.