Novocure (NVCR) Stock Price Up 5.3% on Analyst Upgrade

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Shares of Novocure Ltd (NASDAQ:NVCR) were up 5.3% on Thursday after Wells Fargo & Co raised their price target on the stock from $40.00 to $48.00. Wells Fargo & Co currently has an outperform rating on the stock. Novocure traded as high as $46.72 and last traded at $45.40. Approximately 2,297,884 shares changed hands during mid-day trading, an increase of 171% from the average daily volume of 847,961 shares. The stock had previously closed at $43.10.

A number of other brokerages have also recently commented on NVCR. BidaskClub cut shares of Novocure from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 19th. Mizuho reaffirmed a “buy” rating and set a $58.00 price target on shares of Novocure in a research report on Thursday. ValuEngine raised shares of Novocure from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 3rd. JPMorgan Chase & Co. upped their price target on shares of Novocure from $30.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday, July 27th. Finally, Wedbush upped their price target on shares of Novocure from $33.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, July 27th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Novocure has an average rating of “Buy” and a consensus target price of $40.29.

In other news, CEO Asaf Danziger sold 11,920 shares of the company’s stock in a transaction dated Thursday, June 14th. The shares were sold at an average price of $32.00, for a total transaction of $381,440.00. Following the transaction, the chief executive officer now owns 171,100 shares in the company, valued at $5,475,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Wilhelmus Cm Groenhuysen sold 1,241 shares of the company’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $35.01, for a total transaction of $43,447.41. Following the transaction, the chief financial officer now owns 115,644 shares in the company, valued at approximately $4,048,696.44. The disclosure for this sale can be found here. Insiders have sold 398,789 shares of company stock worth $13,918,687 in the last quarter. Company insiders own 15.30% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC raised its holdings in shares of Novocure by 12.6% in the 2nd quarter. FMR LLC now owns 7,862,121 shares of the medical equipment provider’s stock worth $246,084,000 after acquiring an additional 881,776 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Novocure by 22.4% in the 2nd quarter. BlackRock Inc. now owns 4,620,546 shares of the medical equipment provider’s stock worth $144,623,000 after acquiring an additional 846,277 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of Novocure by 12.5% in the 2nd quarter. Baillie Gifford & Co. now owns 3,093,395 shares of the medical equipment provider’s stock worth $96,823,000 after acquiring an additional 343,756 shares during the last quarter. Farallon Capital Management LLC raised its holdings in shares of Novocure by 58.8% in the 1st quarter. Farallon Capital Management LLC now owns 1,850,000 shares of the medical equipment provider’s stock worth $40,330,000 after acquiring an additional 685,000 shares during the last quarter. Finally, Tamarack Advisers LP raised its holdings in shares of Novocure by 5.7% in the 1st quarter. Tamarack Advisers LP now owns 1,115,000 shares of the medical equipment provider’s stock worth $24,307,000 after acquiring an additional 60,000 shares during the last quarter. Institutional investors own 54.91% of the company’s stock.

The company has a current ratio of 6.41, a quick ratio of 5.97 and a debt-to-equity ratio of 1.33. The firm has a market capitalization of $4.22 billion, a price-to-earnings ratio of -67.43 and a beta of 3.34.

Novocure (NASDAQ:NVCR) last posted its earnings results on Thursday, July 26th. The medical equipment provider reported ($0.17) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.01). The business had revenue of $61.50 million during the quarter, compared to analyst estimates of $59.53 million. Novocure had a negative return on equity of 52.34% and a negative net margin of 26.99%. The business’s revenue was up 60.2% on a year-over-year basis. equities research analysts forecast that Novocure Ltd will post -0.69 earnings per share for the current year.

About Novocure (NASDAQ:NVCR)

NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a cancer treatment centered on a therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Its TTFields delivery system is used for the treatment of glioblastoma (GBM) and to advance programs testing of TTFields in multiple solid tumor indications through its clinical pipeline.

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